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Lhagvasuren L. is 38 years old and lives with his wife and 18-year-old daughter in Ulaanbaatar, the capital city of Mongolia. His only daughter is a student at the State Arts School of Ulaanbaatar. Lhagvasuren's family moved to the capital city from the countryside in 2000. In the beginning, he did not know what to do, but he eventually rented someone's car and drove it as a taxi in the city. Later, he bought a car for himself with the profits he earned and drives his own car as a taxi now. Since he is good at repairing old cars, he usually purchases broken cars and fixes them up to sell them at a higher price. It gives him a chance to earn extra income besides his main taxi business. In the future, he dreams of having his own car repair shop where he would be able to do what he is best at and fix many types of small cars.

Right now he is requesting a loan to fix his own car and buy necessary accessories for his taxi car.

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
  • 1,425.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,275 helped Lhagvasuren to fix his own car and buy necessary accessories for his taxi business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Nov 27, 2009
Jan 1, 2010
Currency Exchange Loss:
Dec 20, 2011