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Mr Lhagvaa is 50 years old and lives with his wife and son in the Uvs province of Mongolia. His wife, Surenjav, age 46, herds cattle and sheep and produces organic dairy products which she sells to local customers. His son Bush-Otgon goes to a local secondary school. The borrower has been working as a driver, transporting coal between a mining company and town. He is now planning to start his own taxi service business in town. He is requesting 2500000 MNT to purchase a second hand car to start the taxi service business. He is a hardworking, reliable and decent 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
  • 1,384.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,825 helped Lhagvaa to purchase a second hand car to provide a taxi service business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Dec 26, 2012
Jan 25, 2013
Currency Exchange Loss:
Nov 17, 2013