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Mr. Itgel is 25 years old and lives with his wife and daughter in a little house in Selenge province. His wife works as a seller in a supermarket and her daughter stays at home. Mr. Itgel has worked as a guard in a construction company for 4 years. Because he works one time 24 hours then rests for 72 hours, he would like to start his own business and work 24 hours off.

Before he didn`t have a private business. Now he is planning to provide auto servicing with his brother-in-law who is experienced in repairing cars. Therefore he is starting to build a workplace and he was able to build 70 percent of the construction work from his money. Today, he is requesting a 2,500,000 MNT loan to finish the construction work and purchase some equipment.

Additional Information

More information about this loan

This loan is part of XacBank's startup loan program targeting loans to clients who are classified as very poor on the Progress out of Poverty Index (PPI). This program provides special training to startup loan recipients, and offers them an annual interest rate that is 2.4% to 3.6% lower than for standard loans. By funding this loan, you are supporting a program that helps borrowers get their businesses off the ground.

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
  • 1,362.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,850 helped Itgel to finish construction work on his car repair building and purchase some equipment.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Aug 21, 2012
Aug 28, 2012
Currency Exchange Loss:
May 17, 2013