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No additional collateral is required
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It will be resolved quickly and in a short period of time.
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
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
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Have been with the organization for at least 6 months or have been in stable business for at least 1 year;
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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
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Application, resume /bank model/, 1 copy of photo, identity card
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Description of the place of residence
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Required documents and bank statements to prove salary or business income
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Certificate of collateral and related documents
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Other materials necessary by the Bank
