Mr. Dagvadorj, 52, runs a passenger transportation business around the districts of Ulaanbaatar, the capital city of Mongolia. He has been doing his business for eight years non-stop. He lives with his family in a slum district of the city. It is the main income source for his family. Lately, his minivan has been bad and damaged some of its parts. He wants to make some repairs to it, which will cost about MNT 2.000.000 as he calculates. The loan he is taking will be dedicated to purchasing the spare parts for his minivan.
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.