| Terms | MNT | USD | EUR | CNY | JPY | RUB | KRW | GBP | SGD | HKD |
| Annual interest rate | 3.0%* | 1.2%* | 1.2%* | 1.2%* | 1.2%* | – | – | – | – | – |
| Monthly service fee | No fee | |||||||||
| Account opening fee | No fee | |||||||||
| Minimum balance requirement | 1,000 | 1 | 1 | 5 | 200 | 50 | 1,000 | 1 | 1 | 3 |
| * denotes the maximum interest rate for the product. | ||||||||||
| Car loan | New Car |
Used car |
|
Loan amount |
Up to MNT 300 million |
Up to MNT 100 million |
| Loan amount is determined based on the fact that the monthly payment is no more than 60% of client’s total income. In case client has outstanding loans in other banks, NBFIs, to enterprises or individuals, the monthly payment takes into account the other outstanding loans. | ||
|
Loan term |
Up to 30 months |
|
|
Interest rate /monthly/ |
1.6% – 2.0% | |
|
Interest rate /annual/ |
19.2% – 24.0% |
|
| Service fee |
1% of the loan amount /maximum MNT 1,500,000/ |
|
|
Penalty interest rate |
Penalty interest rate /equivalent to 20% of base interest rate/ is added to the base interest rate |
|
|
Collateral |
Purchased vehicle as a collateral |
|
|
Down payment |
Up to 10% |
Up to 30% |
|
Bank fee from vehicle supplier |
1% of the loan amount and it’s regulated through “Contractual agreement” |
|
|
Loan application fee |
MNT 10,000 |
|
|
Other |
The purchase must be made from suppliers in contractual agreement with Bank |
|
|
Credit recording enquiry fee /during loan analysis procedure/ |
Individual – MNT 1,000 Corporate – MNT 1,000 |
|
* Effective percentage rate /annual/: 20.90%-25.75%
Transport and Development Bank (TransBank), the first commercial bank to introduce a world-class Private Banking service in Mongolia has been operating in the banking and financial sector for the past 25 years. The Bank has started a new page of its history in 2021 with the merger of TransBank with the Credit Bank.
Within the framework of its new strategic goals, TransBank was first to introduce Private Banking services in Mongolia and is delivering the Private Banking services to its customers in accordance with international standards. Following up on our success, we are happy to announce that TransBank in partnership with “KKTT” LLC, a subsidiary of Innovation Investment, has successfully received the authorization from TenPay to receive payments using the WeChat Pay system.
Our partnership is composed of 3 stages. The first stage is to receive payments by static, system-connected Dynamic, and Official Account Pay.
During the second stage or in the third quarter of 2022, Mongolian small and medium-sized enterprises and those that create economic value will be able to sell their products by placing them on their own online store on the Wechat application. The introduction of the payment system will not only increase the number of online trading channels between the two countries, but will also create a great opportunity for us to supply our products to the online shopping market and create major economic opportunities.
Lastly, in the third stage, we are working toward making it possible for Mongolian citizens to link their Mongolian payment cards to the WeChat payment network and be able to pay for products without any additional fees.
By registering to the WeChat Pay payment service, merchants can receive payments made through the WeChat Pay system within the same day, while also enjoying the lowers transaction fee of 2%.
TRANSBANK JOINED THE GREEN INVESTMENT PRINCIPLES (GIP) FOR THE BELT AND ROAD INITIATIVE
Green Investment Principles (GIP) is a set of principles for greening investment, projects and infrastructure operations in the Belt and Road. It was co-initiated by the “Green Finance Committee of China Society for Finance and Banking” and the “City of London Corporation’s Green Finance Initiative”, with the participation of other institutions. As of March 15, 41 global institutions from 16 countries and regions have joined as signatories to GIP for the Belt and Road.
The GIP is a major initiative to signatories to share experiences on sustainability transition and develop impact projects and investments in environmentally friendly and climate resilient manner. The GIP signatories are expected to incorporate the principles into their corporate strategy and decision-making processes and are invited to report regularly on their performance to the GIP Secretariat.
The GIP includes 7 principles at 3 levels of Strategy, Operations, and Innovation:
Principle 1: Embedding sustainability into corporate governance
Principle 2: Understanding Environmental, Social, and Governance Risks
Principle 3: Disclosing environmental information
Principle 4: Enhancing communication with stakeholders
Principle 5: Utilizing green financial instruments
Principle 6: Adopting green supply chain management
TransBank has been systematically conducting Environmental and Social (E&S) risk assessments on its loan processes in accordance with the Bank’s E&S policy and E&S risk assessment on loan operations policies. With this said, we are pleased to share that TransBank received a score of “B+” on ‘ToC Implementation Assessment 2021’ initiated by the Mongolian Sustainable Finance Association (MSFA), Bank of Mongolia (BoM) and International Finance Corporation (IFC) further improving our previous score.
