- No requirement of additional collateral
- Prompt solution in short period of time.
Car purchase loan
We offer you a loan service to get the car you want with a down payment and bank financing.
Benefits
Terms and conditions
| Car loan | New Car |
Used car |
|
Loan amount |
Up to MNT 300 million |
Up to MNT 100 million |
| Loan amount is determined based on the fact that the monthly payment is no more than 60% of client’s total income. In case client has outstanding loans in other banks, NBFIs, to enterprises or individuals, the monthly payment takes into account the other outstanding loans. | ||
|
Loan term |
Up to 30 months |
|
|
Interest rate /monthly/ |
1.6% – 2.0% | |
|
Interest rate /annual/ |
19.2% – 24.0% |
|
| Service fee |
1% of the loan amount /maximum MNT 1,500,000/ |
|
|
Penalty interest rate |
Penalty interest rate /equivalent to 20% of base interest rate/ is added to the base interest rate |
|
|
Collateral |
Purchased vehicle as a collateral |
|
|
Down payment |
Up to 10% |
Up to 30% |
|
Bank fee from vehicle supplier |
1% of the loan amount and it’s regulated through “Contractual agreement” |
|
|
Loan application fee |
MNT 10,000 |
|
|
Other |
The purchase must be made from suppliers in contractual agreement with Bank |
|
|
Credit recording enquiry fee /during loan analysis procedure/ |
Individual – MNT 1,000 Corporate – MNT 1,000 |
|
* Effective percentage rate /annual/: 20.90%-25.75%
Requirements
- The borrower must be employed by the employer for at least 6 months or have consistently run a business for at least 1 year;
- Up to 60% of after-tax income of the borrower must be sufficient for the monthly payment;
- The borrower must not have an outstanding or overdue loans at another bank or NBFI.
Eligibility or required documents
- Loan Application / Bank’s application /, 1 passport-sized photo, ID card and its copy;
- Statement of residence;
- Proof of income source documents and account statements;
- Related certificates for purchasing vehicle and invoice of purchasing vehicle from supplier;
- Other documents required by Bank (on a case by case basis).
