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Otgonhishig is 48 years old, married, and has two children who attend school. They live in a small house in Hovd province, Mongolia. His wife works as chef. Otgonbileg is an experienced driver who has worked as a driver in a public transportation company for many years.

Otgonhishig is requesting a loan for 2,000,000 MNT, which he will use to buy a minibus for his public transportation service business. He is planning to start his own public transportation service business.

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
  • 1,387.8
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,450 helped Otgonhishig to purchase a minibus for his public transportation service business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Sep 17, 2012
Oct 17, 2012
Currency Exchange Loss:
Nov 17, 2013