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Otgontugs is 47-years-old and lives with his wife and a son in small house in the Bayanhoshuu area of Ulaanbaatar, Mongolia. His wife, Tsogzolmaa, is 48-years-old. She partially lost the ability to work and stays home. His son Bayandalai is 15 and studies at a local school.

Otgontugs has been providing a transportation services business in town since 1998 with his old Russian truck and recently its motor has broken and he is no longer be able to continue his business. He is now requesting 2,000,000 MNT to fix his truck's motor and restart his business of transportation services. He is a hardworking, kind and responsible 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
  • 1,427.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,425 helped Otgontugs to fix his truck's motor and restart his business of transportation services.
100% repaid
Repayment Term
13 months (Additional Information)
Repayment Schedule
May 29, 2013
Jul 2, 2013
Currency Exchange Loss:
Apr 16, 2014