Update on BatjargalMr. Batjargal, 41 years old, lives with his wife and daughter in Ulaanbaatar, the capital city of Mongolia. The family resides in a traditional Mongolian ger (portable felt dwelling) on a plot of land. His three-year-old daughter goes to kindergarten. Recently his wife began working as an assistant teacher at kindergarten. He has been rendering taxi services to local people since 2001 and has accumulated a vast amount of experience. During this period of the year, the price of construction materials reaches its lowest level, and purchasing them now will save quite a bit of money. Using his previous loan, he purchased quite a large amount of construction materials and is storing them in his yard. He is requesting a loan of 2,500,000 MNT to purchase planks for house building because he didn't buy enough planks in his first loan. Building his own house is one of his goals, and purchasing planks in advance will help him to save money because each year the inflation rate in Mongolia increases significantly. The borrower is a very hardworking individual who strives for a better life.
Previous Loan DetailsBatjargal is 39 years old. He lives with his wife and one-year-old daughter in ger, a Mongolian traditional nomadic tent in Ulaanbaatar, the capital city of Mongolia. His wife is looking after the baby at the moment. Batjargal is a plumber, but he has been running a taxi business for 8 years... More from Batjargal's previous loan »
About Credit MongolCredit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
About Housing Loans
Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
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