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Mr. Davaajargal is 53 years old, and lives with his wife and three children in a small house in the Tosontsengel province of Mongolia. His wife, Byambajargal, is retired and stays at home. His daughter Dolgorsuren, age 26, and son Guyenbaatar, age 23, stay at home helping their father's business. His youngest son goes to the secondary school.

His young son Mongondavaa, age 17, has just entered university.

Mr. Davaajargal has been operating a small, traditional food cafe, since 2010. In addition, he has just opened a grocery store. He is planning to expand his business and let his children become educated and able to live by themselves. He is now requesting a 2,200,000 MNT loan to cover his young son's university expenses, including tuition and dormitory. Davaajargal is an ethical and punctual man, recognized as such by local customers and clients.

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
  • 1,380.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,600 helped Davaajargal to cover his young son's university expenses.
100% repaid
Repayment Term
25 months (Additional Information)
Repayment Schedule
Oct 2, 2012
Nov 5, 2012
Currency Exchange Loss:
Aug 17, 2014