Mr. Otgonkhuu is 23 and a taxi driver. He has been running his taxi service since he got his driver's license.
He lives with his mother in Kherlen, a boundary town of western Mongolia. Initially, he started his taxi service with his dad’s car, but now he owns a new car, which has been bought with his earnings.
He already has permanent customers from his taxi line and now he needs to renovate his car to give a better service to his customers. It will form a part of his business improvement.
The loan he is taking will be dedicated to the purchase of necessary spare parts for his taxi renovation.
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.