A loan of $1,050 helped to pay his son's tuition fees.


Baasan's story

O. Baasan is 51 years old and lives with his wife and 22-year-old son in an apartment in Dornogobi province, Mongolia. His youngest son, Altanshagai, currently attends college and his wife is a retired doctor. Basaan manages a taxi service in his town. He started his business in 2001 by renting a car from his friend. After growing his business, he used his savings and a loan to purchase his own car. After repaying his loan, he took out another loan to make repairs and improve his car. He has used these improvements to further grow his business and has proven himself as a trustworthy borrower. Baasan is working hard to achieve his future goals and provide for his family and son's education. He says, "All of my older children are on their own and live happy and successful lives. All I want is to educate my youngest son so he can achieve the same life as his siblings. I want to expand my business and hope to open a tourism company in the future." Baasan is requesting a 1,500,000 tugrug (approximately 1050 USD) loan to pay his son's tuition fees.



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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Loan details