Car loan
A loan service that allows you to get the car you want with a specific down payment and financed by a bank.
Benefits
  • No additional collateral is required
  • It will be resolved quickly and in a short period of time.
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

Cars to buy

Advance payment

up to 10% – 30%

Fees from suppliers

1% or regulated by 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
  • Application, resume /bank model/, 1 copy of photo, identity card
  • Description of the place of residence
  • Required documents and bank statements to prove salary or business income
  • Certificate of collateral and related documents
  • Other materials necessary by the Bank