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Amarbayasgalan

Update on Amarbayasgalan

Amarbayasgalan is a 50-year-old borrower from Arkhangai province, Mongolia. She has two children and both are university students.
Amarbayasgalan has been running her business to support her family and her children's education for years. She has produced modern and traditional clothes by order in the town for long time and has built a good reputation among the clients. She is now requesting a loan of 2,000,000 MNT to pay her children's university tuition and purchase clothing inventory to meet clients' orders on time.

Previous Loan Details

Amarbayasgalan is 48 years old and lives with her two children, who are college students, in a ger (Mongolian yurt) in Arhangai province of Mongolia. Her son is a university student and her daughter goes to school. Amarbayasgalan has many years of experience in her own sewing business. The local… More from Amarbayasgalan's previous loan »

Additional Information

More information about this loan

This loan is part of XacBank's education program, designed to finance school tuition for students whose families have low incomes or work in informal sectors of the economy. Funds can be used for partial or complete payment of expenses related to secondary and higher education.

About XacBank

This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Mongolia

  • $2,175
    Average annual income
  • 17
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,764.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $1,150 helped Amarbayasgalan to pay her children's university tuition and purchase clothing inventory to meet clients' order on time.
37% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 24, 2014
Listed
Apr 30, 2014
Currency Exchange Loss:
Possible