-
No additional collateral is required
-
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 |
Used cars
|
|
Loan amount
|
Up to 300 million MNT
|
Up to 100 million MNT
|
|
The monthly loan payment is no more than 55% of the borrower’s debt-to-income ratio. If the borrower has loans to other banks, NBCs, industrial units, or individuals, the monthly payments made on that loan are included in the debt-to-income ratio. |
||
| Terms |
Up to 30 months
|
|
|
Loan interest /month/
|
1.6% – 2.0% |
|
|
Loan interest /annaul/
|
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%
|
up to 30%
|
|
Fees from suppliers
|
1% or regulated by the'Cooperation Agreement”.
|
|
|
Application Fee
|
10,000 MNT |
|
| 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
|
|
Benefits
-
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
