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No additional collateral is required.
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Fast and efficient loan approval.
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Low interest rates.
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Author: Batorgil E
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Terms and conditions
| Conditions |
New electric car |
| Loan amount |
The amount shall not exceed the total purchase price of the vehicle |
| Loan terms |
up to 96 months |
| Loan interest /month/ |
1.4% – 2.0% |
| Loan interest /annual/ |
16.8% – 24.0% |
| Service fee |
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 |
The purchased vehicle |
| Supplier’s fee |
1%, regulated under the Cooperation Agreement |
| Benefits of Changes to the Original Loan Term |
Loan balance up to 1% /Maximum amount 1,000,000/ |
| Advance payment |
10% – 30% /If additional real estate is provided as collateral, the down payment may be reduced to as low as 0%/ |
| Car seller |
Official Representative and Supplier Organization |
| Application Fee |
10,000 MNT |
| Loan purposes |
All types of passenger and SUV electric vehicles |
Actual cost /annual/: 17.2%-24.9%
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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;
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Loan application form (bank template), ID 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
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Notes
*For USD small denominations include bills of 1, 2, 5, and 10, for EUR bills of 5 and 10, for CNY bills of 1, 5, 10, and 20, for RUB bills of 10, 50, and 100.
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Other fees
| Service | MNT | USD | EUR | CNY | JPY | RUB | KRW | GBP | |
| Cash deposit | Minor Bills* | – | 2.0% | 2.0% | 2.0% | 0.3% | 8.0% | 1.5% | – |
| Other bills | – | – | – | – | 0.3% | 5.0% | – | ||
| Cash withdrawal | Current and savings accounts
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200 MNT | 200 MNT + additional fee for cash currency (see below) | ||||||
| 0.5% | 0.5% | 0.5% | 0.5% | 3.0% | 1.5% | 0.5% | |||
| Transfer | Transfer within the bank | 100 MNT | Currency equivalent to 200 MNT | ||||||
| Transfer to other bank | |||||||||
| Up to 5,000,000₮ | 200 MNT | 1,500 MNT | |||||||
| Over 5,000,001₮ | 500 MNT | ||||||||
| Transfer between banks by ordering cash | 1,000 MNT | ||||||||
| Opening an Account | Free | ||||||||
| Account Service Fee | Active account (Monthly) | Free | |||||||
| Inactive Account (Monthly) | 2,000 MNT | Currency equivalent to 2,000 MNT | |||||||
| Close account | 5,000 MNT | Currency equivalent to 5,000 MNT | |||||||
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Benefits
- Deposit transactions are allowed anytime;
- The longer the savings period, the higher the interest rate on the balance;
- Earn your interest on every 6 months;
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Terms |
24 months |
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| Nominal interest rate | Interval | up to 1-6 months | up to 7-12 months | up to 13-24 months | Termination Interest |
| MNT | 10.0% | 12.0% | 13.0% | 2.4% | |
| USD | 3.5% | 4.0% | 5.0% | 0.8% | |
| CNY | 2.0% | 2.5% | 3.0% | 0.8% | |
| Effective interest rate | MNT | 10.25% | 12.36% | 13.42% | 2.4% |
| USD | 3.53% | 4.04% | 5.06% | 0.8% | |
| CNY | 2.01% | 2.52% | 3.02% | 0.8% | |
| Minimum balance | 100,000,000 MNT and equivalent currency | ||||
| Conditions for Reducing Interests | Total days of deposit | ||||
| Interest payment conditions | Every 6 months | ||||
| Interest payment conditions | End of the period | ||||
| Interest payment conditions | Possible | ||||
- Customer application form (download here);
- Foreign passport;
- Additional documents;
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Terms and conditions
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Card |
Co-Branded metal debit card (VISA) |
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| Gold |
Platinum |
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Card period |
5 years | |
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Admission fee
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0 MNT |
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Annual fee
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900,000 MNT | 1,800,000 MNT |
| Minimum balance |
300,000 MNT, 100 USD, 500 CNY |
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Currency |
MNT, USD, CNY | |
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Reorder Fee
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1,500,000 MNT |
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