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Chultem is 44 years old and lives with his wife and three children in a ger (a Mongolian yurt) in Arhangai province, Mongolia. His wife and eldest daughter are unemployed. His other daughter is a nurse, and his son is a college student.

He is a watchman at petroleum import company and during his free time, he runs a taxi service with his own car. His income from the taxi service is from 10,000 to 20,000 Mongollian tugriks (MNT) a day. He bought land with his business profits, and his goal is to purchase a new car.

He said: ''My son is attending college, and he needs my support more than ever.'' The total amount he is requesting is a 2,200,000 MNT loan to pay his son's college tuition.

He is a good-natured and hardworking man.

Additional Information

More information about this loan

This loan is part of XacBank's education program, designed to finance school tuition for students whose families have low incomes or work in informal sectors of the economy. Funds can be used for partial or complete payment of expenses related to secondary and higher education.

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
  • 1,365.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,625 helped Chultem to pay his son's college tuition.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Aug 16, 2012
Sep 10, 2012
Currency Exchange Loss:
Sep 17, 2013