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Update on Oyunchimeg

Mrs. Oyunchimeg, 53 years old, lives with her husband and daughter in Ulaanbaatar, the capital city of Mongolia. Her family lives in a ger district full of traditional Mongolian gers (portable felt dwellings) and low quality houses. She has been working as a cook at restaurant for 12 consecutive years and has accumulated vast amount of experience in preparing and flavoring lunch, dinner and breakfast. Her husband specializes in driving various types of automobiles and works for private business company.

Using her previous loan, she purchased building materials in order to repair and insulate her house. Now she is requesting a loan of 7,000,000 MNT to purchase additional building materials in order to make an extension to her house. Making the extension will reduce their coal consumption, thus releasing less pollutants to the atmosphere and contributing to the efforts against air pollution. In Mongolia, air pollution is one of the biggest environmental issue, and having high quality house is the best way of reducing carbon dioxide in the air. The borrower is a very hardworking individual who strives for a better future.

Previous Loan Details

Oyunchimeg, 52, is a cook in a restaurant in Ulaanbaatar, the capital city of Mongolia. She has been doing her job for 11 years nonstop. She lives with her family in the ger district of Mongolian nomadic yurts and houses in the boundary of Ulaanbaatar, the capital city of Mongolia. She wanted to ... More from Oyunchimeg's previous loan »

Additional Information

More information about this loan

This loan is part of Credit Mongol's green loan program, which helps clients to purchase products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning coal in the winter.

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.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Housing Loans

Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.

About Mongolia

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,437.5
    Mongolia Tugriks (MNT) = $1 USD
A loan of $4,875 helped Oyunchimeg to purchase additional building materials in order to make extension on her house.
Repayment Term
29 months (Additional Information)
Repayment Schedule
Jun 14, 2013
Jul 3, 2013
Currency Exchange Loss:
Aug 2, 2013