Mr. Bayarmagnai, 43 years old, lives with his wife and child in Erdenet, third largest city of Mongolia. The family resides in their own house on a plot of land. He, together with his wife, has been transporting goods between Erdenet and other cities for eight years and has secured permanent customers for his business. His son goes to high school.
Mr. Bayarmagnai's current truck has been deteriorating over the years and became out of service. So he is requesting a loan of 4,000,000 MNT to purchase a new truck. The new truck will ensure his business's success and prevent his customers from choosing another driver. The borrower is a very hardworking individual who, before transportation service, worked in Japan on an employment contract in order to pay for his family's living expenses.
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.