Mr. Munkh-Erdene, 31 years old, lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. The family resides in a Mongolian traditional ger (portable felt dwelling) on a plot of land. He and his wife make Mongolian traditional boots, designed for children. They are experienced boot makers and sell them to vendors at an outdoor market. Recently they have bought land and paid one third of the land price and now the remaining payment must be paid as soon as possible. So he is requesting a loan of 4,000,000 MNT to pay the land payment. As a result, his family can live in their beloved ger on their own land without worrying about rental land, as they previously rented land to reside. The borrower and his wife are very hardworking people who deeply care about their children's education.
About Credit Mongol
Credit 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.