Loan services

Car loan

A loan service that allows you to purchase your desired vehicle by making a specified down payment and financing the rest through the bank.

Benefits

Terms and conditions

Car loans	New cars
Loan amount	The amount shall not exceed the total purchase price of the vehicle
Terms	Up to 96 months
Loan interest /month/	1.6% – 2.0%
Loan interest /annual/	19.2% – 24.0%
Service Fees	1% of the loan amount or the maximum amount is 1,500,000 MNT
Increased interest	The increased interest rate is equal to 20% of the principal interest rate
Collateral	Purchased vehicle
Down payment	10%-30%
Supplier’s Fee	1% (subject to the Cooperation Agreement)
Application Fee	10,000 MNT
Benefits of Changes to the Original Loan Term	Loan balance up to 1% /Maximum amount 1,000,000/
Other	It is required to purchase cars from the supplier organization with which the'Cooperation Agreement” has been concluded.
Credit database reference fee	Citizen – 1,000 MNT, Organization – 1,000 MNT

Actual cost /annual/: 19.6%-24.4%

Requirements

Have been with the organization for at least 6 months or have been in stable business for at least 1 year;
Up to 55 percent of after-tax income must be sufficient to cover the total monthly interest payments;
Other banks and financial institutions have no overdue or poor quality loan balances;

Eligibility or required documents