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Tormonh, age 42, is a mechanic. He has been working at an auto repair service company for years. He lives with his wife and family in a ger (a traditional Mongolian yurt dwelling) in the Uvurhangai province of Mongolia. His wife Mongontsetseg runs a small grocery store business at the local market. His son Purevgerel, age 18, studies at university, and his daughter Gerelsuren, age 16, goes to the local secondary school.

Tormonh is now starting his own auto repair business on his own plot of land. He is well-known in town for providing good and qualified service. He is requesting 3.000,000 MNT in order to purchase spare parts to start his new business. He is a hard-working, open-minded, and modest man.

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
  • 1,387.7
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,175 helped Tormonh to purchase spare parts to start his new auto repair business.
100% repaid
Repayment Term
19 months (Additional Information)
Repayment Schedule
Dec 11, 2012
Jan 10, 2013
Currency Exchange Loss:
Apr 16, 2014