Flexible and Favorable Conditions
Categories
Author: Tuguldur Bt
- Evidence of running the business in the last 12 months and continuing to pursue it as a going concern
- Good credit history and score
- Collateral to satisfy the bank’s requirements (e.g. property deeds, other fixed or moveable assets, etc.)
- Other requirements from bank on a case by case basis
- 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
Flexible and Favorable Conditions
| Credit line | MNT | USD |
| Maximum amount |
Up to 3.5 billion MNT and equivalent currency
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| Interest rate /Monthly/ | 2.0%-1.6% | 1.5%-1.0% |
| Interest rate /annually/ | 24.0%-19.2% | 18.0%-12.0% |
| Commitment rate /annually/ | 4.2%-2.8% | 3.6%-2.0% |
| Term | Up to 12 months | |
| 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 | |
| Fee for changing the original loan term | 0% | |
| Application fee | MNT 30,000 | |
| Credit recording enquiry fee /during loan analysis procedure/ | Individual – MNT 1,000 Corporate – MNT 1,000 | |
| Explanation: A loan product that allows you to mortgage the original customs documents for cars and heavy-duty machinery that do not have a federal number. |
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* Effective percentage rate /annual/: MNT 19.69%-24.51%
- Evidence of running the business in the last 12 months and continuing to pursue it as a going concern
- Good credit history and score
- Collateral to satisfy the bank’s requirements (e.g. property deeds, other fixed or moveable assets, etc.)
- Other requirements from bank on a case by case basis
- 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
Terms and conditions
| Property |
MNT |
USD | EUR | RMB |
JPY |
| Term |
Up to 120 months |
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| Amount |
Up to 75 percent of the total contract pricing or equivalent in foreign currency up to 20 percent of the maximum equity |
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| Interest rate /monthly/ | 2.00%-1.60% | 1.35%-1.00% | 1.35%-1.00% | 1.35%-1.00% | 1.35%-1.00% |
| Interest rate /annually/ | 24.00%-19.20% | 16.20%-12.00% | 16.20%-12.00% | 16.20%-12.00% | 16.20%-12.00% |
| Downpayment |
Minimum 25% |
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| Grace period |
Depending on the loan purpose |
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| Other terms |
Currency conversion is possible every 6 months or 1 year /USD/ |
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| Application fee |
30,000 MNT |
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| Service fee |
0.5% of the loan amount /maximum MNT 1,500,000/ or equivalent currency |
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| Insurance |
Purchased asset on credit must covered by comprehensive insurance. The client is responsible for the insurance premium. |
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| Credit recording enquiry fee /during loan analysis procedure/ |
Individual – 1,000 MNT Corporate – 1,000 MNT |
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* Effective percentage rate /annual/: MNT 20.11%-24.95%
Categories
Requirements
- Running the business in the last 12 months and continuing it as a going concern
- Good credit history and score and other evidence of ability to repay the loan
- Collateral to satisfy the bank’s requirements
- Other requirements from the bank on a case by case basis
| Movable property and machinery | MNT | USD | EUR | RMB | JPY |
| Term/monthly/ | Up to 60 months | ||||
| Loan amount | The maximum amount of financial lease is 20 billion MNT or equivalent currency | ||||
| Advance payment | Depending on the level of risk, the percentage of advance payment will be set up to 50%. In case of double mortgage of immovable and movable property, the advance payment rate can be reduced and set flexibly. | ||||
| Interest rate/monthly/ | 2.00%-1.60% | 1.35%-1.00% | 1.35%-1.00% | 1.35%-1.00% | 1.35%-1.00% |
| Interest rate / annually/ | 24.40%-19.20% | 16.20%-12.00% | 16.20%-12.00% | 16.20%-12.00% | 16.20%-12.00% |
| Service fee | 1% of the loan amount /maximum MNT 1,500,000/ or equivalent currency | ||||
| Application fee | 30,000 MNT | ||||
| Other terms | Purchased asset on credit must be covered by comprehensive insurance. The client is responsible for the insurance premium. | ||||
| Credit recording enquiry fee /during loan analysis procedure/ | Individual – 1,000 MNT
Corporate – 1,000 MNT |
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* Effective percentage rate /annual/: MNT 19.73%-24.55%
Categories
Requirements
- Purpose of the loan is to support services to customers and upgrade machinery
- Running the business in the last 12 months and continuing it as a going concern
- Good credit history and score and other evidence of ability to repay the loan
- Collateral to satisfy the bank’s requirements
- Other requirements from the bank on a case by case basis
Categories
Required documents
- Official request/amount, interest, term and collateral to be pledged should be mentioned/
- Loan Application / Bank’s application /
- Resolution of the Board of Directors 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 (e.g. founder, CEO, CFO, etc.), borrower’s application form (if legal entity)
- Business licenses, plans and other documents
- The purpose of the loan, contract, project, etc.
- The market and competitor’s analysis
- Tax reference
- GCCA reference / in the name of the organization and shareholders /
- Reference from GASR / on behalf of enterprises and major shareholders /
- Financial statements of the company certified by the Audit and Tax Administration – / for the last 4 quarters, at the end of the last year /
- Financial statements at the end of the year. These include: list of receivables, current assets, fixed assets, payables and liabilities and sales, unit cost, balance sheet for the last 1 year
- Account statement / last 12 months /
- Pledge of immovable property (if the pledged property is in the name of another organization, a copy of the company’s certificate, charter, decision and resolution authorizing to pledge)
- Collateral historical and detailed reference
- Pledged land 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 outstanding loans with other banks and NBFIs.
- Other required additional materials
Categories
Advantages
- The organization opens an account for the employee, earns regular income, and the employee has the right to dispose of it with the permission of the organization;
- It is possible to determine the amount of income at the request of employees and organizations;
- If the employee cancels the deposit before the end of the term, with the permission of the organization, the accrued interest can be paid in full, excluding the interest for late payment.
- No account closing fees.
Categories
Terms and conditions
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Employer’s Incentive Savings |
Conditions |
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Account currency |
MNT, USD |
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Terms |
12 months |
24 months |
36 months |
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Annual interest rate |
MNT |
13.50% |
14.00% |
14.00% |
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14.37% |
14.93% |
14.93% |
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USD |
4.00% |
5.00% |
5.50% |
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4.07% |
5.12% |
5.64% |
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Effective rate |
MNT |
14.40% |
14.90% |
14.90% |
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USD |
4.07% |
5.10% |
5.60% |
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Interest rate upon early termination of contract |
– |
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A fixed monthly income for the employer |
1% of basic salary – …% /Decided within the framework of the organization’s policy./ |
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A fixed monthly income for the employee |
1% of basic salary – …% /Decided within the framework of the organization’s policy./ |
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The percentage of earnings returned to the employee from the savings contributed by the employer at the time of termination of the savings |
Decided within the framework of the organization’s policy. |
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Deposit condition |
Possible |
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Withdrawal condition |
End of the term |
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Interest capitalization |
Monthly |
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- Offers loans up to 85% of your convertible term deposit, which is the highest percent of potential loan amount;
- No service fee.