- Experience in continuous business for the last 12 months;
- Have a good credit history and good creditworthiness;
- Must meet the requirements of collateral (real estate and real property);
- Must meet other requirements set by the bank.
Categories
Month: May 2022
Categories
Required documents
- Official letter requesting a loan. / Describes the amount of loan, interest, term and collateral/
- Loan application / by the form /
- Resolution of the Board of Directors (Shareholders’ Meeting) on obtaining a loan. /Decision on the amount, interest, term, collateral of the requested loan and appointment of the person authorized to sign /
- Copy of company certificate, copy of company charter /stamped by State Registration Office/
- Copy of ID card of the person authorized to sign the loan agreement (Founder, Director, CEO, etc.), borrower’s application form (legal entity)
- Special licenses, business plan and other documents
- Information about the purpose of loan, contracts and agreements, projects, etc.
- Information about the market and competitors
- Tax authority reference
- Reference from General Authority of Enforcement of Judicial Decisions /on the name of the organization and shareholders /
- Reference from State Registration Office /on behalf of enterprises and major shareholders/
- Financial statements of the company certified by the Audit and Tax Administration – / As of last 4 quarters, as of end of the last year /
- Details of the financial statements as of the end of the year. Includes: List of receivables, List of current assets, Detailed list of fixed assets, Detailed list of payables and liabilities, Sales breakdown, unit cost, balance sheet for the last 1 year,
- Account statement / As of the last 12 months /
- Pledge certificate of real estate (if the pledge is in the name of another organization, a copy of the company’s certificate, charter, decision and resolution to allow pledge)
- Mortgage reference / historical, detailed /
- Pledge certificate, contract and cadastral map
- List and certificate of pledged machinery and equipment
- Proof of tax payment in case of real estate purchase
- Loan agreement and loan account statement if you have loan balances with other banks and NBFIs.
- Other necessary additional materials
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Terms and conditions
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Working capital loan |
MNT | USD | EUR | CNY |
JPY |
|
Loan size |
Flexible depending on business scope and financial solvency. |
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Monthly loan interest |
2.00%-1.60% | 1.50%-1.10% | 1.20%-0.85% | 1.20%-0.85% |
1.20%-0.85% |
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Annual loan interest |
24.00%-19.20% | 18.00%-13.20% | 14.40%-10.20% | 14.40%-10.20% |
14.40%-10.20% |
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Loan period |
36 months |
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Loan origination fees |
Amounts to about 1% of disbursed loan or equivalent to MNT 1,500,000 |
0.5% of the disbursed loan amount, or a maximum of USD 1500, or the equivalent amount in EUR, CNY, or JPY |
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Penalty interest for rate |
Equivalent to 20 percent of the base interest rate |
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Loan forbearance fee |
0% |
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Grace period |
12 months |
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Loan Application fee |
MNT 30,000 |
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Credit recording enquiry fee /during loan analysis procedure/ |
Individual – MNT 1,000 Corporate – MNT 1,000 |
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* Effective percentage rate /annual/: MNT 19.95%-24.77%
Categories
Requirements
- Experience in continuous business for the last 12 months;
- Must meet the requirements of collateral (real estate and real property);
- Other bank requirements.
Categories
Required documents
- Official letter requesting a loan. / Describes the amount of loan, interest, term and collateral/
- Loan application / by the form /
- Resolution of the Board of Directors (Shareholders’ Meeting) on obtaining a loan. /Decision on the amount, interest, term, collateral of the requested loan and appointment of the person authorized to sign /
- Copy of company certificate, copy of company charter /stamped by State Registration Office/
- Copy of ID card of the person authorized to sign the loan agreement (Founder, Director, CEO, etc.), borrower’s application form (legal entity)
- Special licenses, business plan and other documents
- Information about the purpose of loan, contracts and agreements, projects, etc.
- Information about the market and competitors
- Tax authority reference
- Reference from General Authority of Enforcement of Judicial Decisions /on the name of the organization and shareholders /
- Reference from State Registration Office /on behalf of enterprises and major shareholders/
- Financial statements of the company certified by the Audit and Tax Administration – / As of last 4 quarters, as of end of the last year /
- Details of the financial statements as of the end of the year. Includes: List of receivables, List of current assets, Detailed list of fixed assets, Detailed list of payables and liabilities, Sales breakdown, unit cost, balance sheet for the last 1 year,
- Account statement / As of the last 12 months /
- Pledge certificate of real estate (if the pledge is in the name of another organization, a copy of the company’s certificate, charter, decision and resolution to allow pledge)
- Mortgage reference / historical, detailed /
- Pledge certificate, contract and cadastral map
- List and certificate of pledged machinery and equipment
- Proof of tax payment in case of real estate purchase
- Loan agreement and loan account statement if you have loan balances with other banks and NBFIs.
- Other necessary additional materials
Categories
Benefits
- The ability to add funds to your deposit account any time;
- Can be used as collateral for savings-backed loans with a low interest rate;
- Term deposits with 12 to 24 month maturities earn interest quarterly;
- Manage your bank deposit accounts using online banking services.
Categories
Terms and conditions
| Terms | MNT | USD | EUR | CNY | JPY |
| Tenors | Annual Interest rates | ||||
| 1 month | 10.50%* | 2.20% | 1.20% | 1.20% | 1.20% |
| 2 months | 10.50%* | 2.50% | 1.20% | 1.20% | 1.20% |
| 3-6 months | 11.00% | 4.00% | 3.60% | 4.50% | 3.30% |
| 7-9 months | 11.50% | 4.00% | 3.60% | 4.50% | 3.30% |
| 10-11 months | 12.00% | 4.00% | 3.60% | 4.50% | 3.30% |
| 12 months | 14.00% | 4.00% | 3.60% | 4.50% | 3.30% |
| 13-18 months | 14.00% | 5.00% | 3.60% | 4.50% | 3.30% |
| 19-24 months | 14.00% | 5.50% | – | – | – |
| Interest rate upon early termination of contract /annual/ | 2.4%-4.8% | 1.2% | 0.6% | 0.6% | 0.6% |
| Minimum deposit requirement | 10,000 MNT | 10 USD | 10 EUR | 100 CNY | 1,000 JPY |
| Interest capitalization | – Deposit accounts with 1 to 11 months maturity earns interest at the end of the contract;
– Term deposits with 12 to 24 month maturities earns interest quarterly. |
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| Withdrawals | – Allows you to make withdrawals from deposit account with 12 months maturity for once every 3 months for a calendar week.
– Allows you to make withdrawals from deposit account with 13 to 24 months maturity for once every 6 months for a calendar week. |
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| Other conditions | – For deposits with a term of 13-24 months, the interest rate for deposits kept for more than 1 year shall be re-determined on the first 7 days of January of each calendar year in accordance with the general terms and conditions of interest and fees of Bank services in force at that time.
– Up to 4.00% incentive interest may be granted depending on the balance for 3-24 months MNT deposits. – Up to 3.00% incentive interest may be granted depending on the balance for 1 month MNT deposits. |
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| Account opening fee | No fee | ||||
| Savings book | Free | ||||
Categories
Fees and charges
- Application form for legal entities /download here/;
- An official letter for opening a new bank account;
- An original copy and a copy of license from the Mongolian Financial Regulatory Commission;
- Notarized copy of ‘State Registration Certificate’;
- Notarized copy of Company’s ‘Charter or Memorandum of Association (MOA);
- Notarized signature of applicant /download here/;
- Declaration of Beneficial Ownership /download here/;
- Copy of ID card of the authorized personnel to dispose with an account;
- Additional documents /if necessary/.
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Benefits
- Deposit physical Gold permanently (termless);
- Safe and risk-free;
- Does not charge any withdrawal or transaction fees.
|
Terms for gold current account (XAU) |
|
|
Account currency |
XAU- Gold /Oz/ |
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Interest rate /annual/ |
In face of the global pandemic COVID-19, no interest will be paid for any type of current accounts, during the implementation of the “Law on Prevention, Control and Reduction of Social and Economic Impact of Coronavirus”. |
|
Minimum balance requirement |
– |
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Other fees
| Services | MNT | USD | EUR | CNY | JPY | RUB | KRW | GBP | |
| Cash deposit | Smaller banknotes* | – | 2.0% | 2.0% | 2.0% | 8.0% | 0.3% | 1.5% | – |
| Other | – | – | – | – | 1.5% | – | |||
| Cash withdrawal | Current account and deposit accounts | 200 | 200 MNT + Additional charges mentioned below depending on currency. | ||||||
| 0.5% | 0.5% | 0.5% | 3.0% | 0.5% | 1.5% | 0.5% | |||
| Non-cash transactions | Intra-Bank (within same bank accounts) transactions: | 100 | Foreign currency equivalent to 200 MNT | ||||||
| Inter-Bank transactions: | |||||||||
| Up to 5,000,000 MNT | 200 | 1,500 MNT | |||||||
| Over 5,000,001 MNT | 500 | ||||||||
| Tranfer cash to other bank accounts | 1,000 | ||||||||
| Account opening fee | Free | ||||||||
| Account service fee | For active accounts /monthly/ | No fee | |||||||
| Temporary inactive or suspended account fee /monthly/ | 2,000 | Foreign currency equivalent to 2000 MNT | |||||||
| Demand deposit fee /annually/ | 1,000 | Foreign currency equivalent to 1000 MNT | |||||||
| Dormant account fee /monthly/ | 2,000 | Foreign currency equivalent to 2000 MNT | |||||||
| Account closure fee | 1,000 | Foreign currency equivalent to 1000 MNT | |||||||
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Notice
*- Smaller banknotes: USD 1, 2, 5, 10, 20, 50 banknotes; CNY 1, 5, 10, 20 banknotes; RUB 10, 50, 100 banknotes.
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Inter-bank transactions
- Inter-bank transactions are made in MNT, USD, EUR, CNY, JPY, RUB, GBP, HKD and SGD currencies.
- Fees charged for cash deposits into an account to make any non-cash transactions including foreign exchange, deposit, loan repayment, transfer etc.;
- Fees charged for cash withdrawals from an account unless cash deposits made into an account previously;
- Smaller banknote fees may apply for using the specific banknotes mentioned above;