Munhzorig is a thirty-year-old man who lives with his wife and two children in Ulaanbaatar city, Mongolia. His wife is unemployed. His daughters go to secondary school and kindergarden. He has been running a taxi service since 2011 based on his driving experience. In order to ensure a good education for his children, he has moved to the city with the family. But he needs some support to repair his car.
Munhzorig is a hardworking man who says that "I would like to continue my business successfully by purchasing some necessary spare parts for the car. And I am planning to save for my children's future". The total amount he is requesting is 500,000 MNT to buy spare parts for his car.
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.