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Mr.Narangerel is 22 years old and lives and with his parents and brother in small house in Tosontsengel Soum of Zavhan province, Mongolia. His parents work as interior design workers, and the borrower has learned from his parents. His brother runs a small firewood retail business in the local market. Mr. Narangerel has been helping his brother, and helps his parents half of the time with their business. He is planning to start his own business of firewood retail and is now requesting 1,000,000MNt to purchase firewood and sell to capital city customers at a higher price. He is a hardworking, diligent and well-behaved 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
  • 1,378.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $750 helped Narangerel to purchase firewood and sell to capital city customers at a higher price.
100% repaid
Repayment Term
25 months (Additional Information)
Repayment Schedule
Jan 26, 2013
Feb 26, 2013
Currency Exchange Loss:
Aug 17, 2014