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Mr. Magsarjav is 48 years old, and he lives with his wife and three children, in a house in Ulaangom soum, Uvs province, in western Mongolia. His wife, Tungalag, age 46, earns income by providing cobbler services at home. His son, Ganzorig, age 21, and daughter, Uranchimeg, age 19, are university students. His youngest son, Monh-Erdene, age 17, goes to a local secondary school.

Borrower has been running a wood-shop since 2000. He started a business, retailing construction materials at a rental counter of a local market, in 2009. Now, he is requesting to borrow 7,000,000 MNT, which he will use to purchase electric appliances, for starting up his own electric appliances retail business. He is a hard-working, open-minded and welcoming 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
  • 1,399.6
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $5,025 helped Magsarjav to purchase electric appliances to start his own business, selling electric appliances at retail.
100% repaid
Repayment Term
37 months (Additional Information)
Repayment Schedule
Feb 25, 2013
Apr 8, 2013
Currency Exchange Loss:
Jun 13, 2013