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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 purchase your desired vehicle by making a specified down payment and financing the rest through the bank.
Benefits
Terms and conditions
| Car loans | Auto loan | Auto Loan (Partnership terms with Monkhada LLC) | |
| Loan amount | The amount shall not exceed the total purchase price of the vehicle | ||
| Terms | Up to 96 months | ||
| Loan interest /month/ | 1.7% – 2.1% | 1.8% | |
| Loan interest /annual/ | 20.4% – 25.2% | 21.6% | |
| Service Fees | 1.0% | 0.4% of the disbursed loan amount, capped at MNT 400,000 | |
| 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 | 1.0% | ||
| 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/: 21.26%-26.08%
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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Residence reference (issued by local authority)
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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
