Otgonchuluun has been producing souvenirs at home since 2004. He has been taking care of his four children and paying their educations fees all by himself for years and now he wants to send his older son to get better education as heavy truck operator.
Otgonchuluun is requesting loan of 1,000,000 Mongolian Tugriks to pay 50% of his son's tuition and to cover school expenses and materials for his younger children. He is a hardworking, caring, and loving father of four.
More information about this loan
This loan is part of XacBank's education program, designed to finance school tuition for students whose families have low incomes or work in informal sectors of the economy. Funds can be used for partial or complete payment of expenses related to secondary and higher education.
About XacBankThis 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.
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Success!! The loan was 100% repaid