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Tungalag is 40 years old and lives with her husband and daughter in a ger (Mongolian home) in Uvs province of Mongolia. Tungalag and her husband, Chuluunbaatar, are starting their own animal pelt retail business. Her daughter, Anujin, studies at a local school. Tungalag and her husband have been working locally for years, since 2001, and have a lot of experience. They collect animal pelts from herders and sell to manufacturers in Ulaanbaatar city. They act as middlemen and make a profit out of it. Tungalag is now requesting a loan of 6,000,000 MNT to purchase a large amount of animal pelt from herders in countryside and sell it to manufacturers in Ulaanbaatar city.

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
  • 1,625.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $3,700 helped Tungalag to purchase a large amount of animal pelt from herders in the countryside and sell it to manufacturers in Ulaanbaatar city.
100% repaid
Repayment Term
25 months (Additional Information)
Repayment Schedule
Sep 9, 2013
Oct 15, 2013
Currency Exchange Loss:
Feb 3, 2015