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N. is a 55 year old widow who lives in the Govi-Altai province of Mongolia. All three of her children are grown and live on their own. N. lives in a ger, a traditional Mongolian nomadic tent, and operates a hairdressing salon in her town.

N. graduated from a hairdressing school in 1972 and, since then, has been working as a hairdresser. She has taken out loans from XacBank five times in the past and has proven herself to be a trustworthy customer who always repays on time and in full.

N. is requesting a 2,500,000 tugrug loan in order to replace the styling tools and equipment used in her salon.

About XacBank:
XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest microfinance organization in Mongolia, but also has mainstream commercial operations. XacBank has the vision, scale and innovation to develop and implement new solutions to poverty. It is currently utilizing Kiva’s 0% lending interest rate to return 9% of interest paid from borrowers to them in the form of a savings account at the end of their loans. This not only allows borrowers to gain financially, but also encourages them to save.

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Additional Information

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.

About Mongolia

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,420.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,775 helped Shagdar to replace the styling tools and equipment used in her salon.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Nov 27, 2009
Nov 7, 2009
Currency Exchange Loss:
Jul 15, 2010