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Otgonbaatar

Update on Otgonbaatar

Mr. Otgonbaatar, 33 years old, lives with his wife and two sons in Ulaanbaatar, the capital city of Mongolia. He has been transporting goods between districts since 2011. His wife is a cook and works at a restaurant. Their sons go to school.

He is requesting a loan of $2,700 USD to buy four tires for his truck. Due to the mining boom in Mongolia, lots of transportation is ongoing, so he travels many times between districts and depreciates his truck's tires. In order to effectively transport goods, he needs high quality tires, as this business is his family's main income. The borrower is a very hardworking individual who strives for a better future.

Previous Loan Details

Mr. Otgonbaatar, 32 years old, lives with his family in Ulaanbaatar, the capital city of Mongolia. The family resides in a traditional Mongolian ger (portable felt dwelling) on his relative's yard. His wife works as a cook at a restaurant. Since 2011, he has been providing transportation services... More from Otgonbaatar's previous loan »

Additional Information

About Credit Mongol

Credit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.

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.

Tags

About Mongolia

  • $5,900
    Average annual income
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,397,050
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Paying Back

This loan has been fully funded!

A loan of $2,700 helped Otgonbaatar to buy four tires.
40% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 9, 2014
Listed
Jul 24, 2014
Currency Exchange Loss:
N/A