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No additional collateral is required
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It will be resolved quickly and in a short period of time.
Category: Car loan
A loan service that allows you to get the car you want with a specific down payment and financed by a bank.
Categories
Terms and conditions
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Car loans |
New cars |
Used cars
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Loan amount
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Up to 300 million MNT
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Up to 100 million MNT
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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. |
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| Terms |
Up to 30 months
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Loan interest /month/
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1.6% – 2.0% |
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Loan interest /annaul/
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19.2% – 24.0% |
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Service Fees
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1% of the loan amount or the maximum amount is 1,500,000 MNT |
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Increased interest
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The increased interest rate is equal to 20% of the principal interest rate |
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Collateral
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Cars to buy
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Advance payment
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up to 10%
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up to 30%
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Fees from suppliers
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1% or regulated by the “Cooperation Agreement”.
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Application Fee
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10,000 MNT |
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| Other |
It is required to purchase cars from the supplier organization with which the “Cooperation Agreement” has been concluded. |
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Credit database reference fee
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Citizen – 1,000 MNT
Organization – 1,000 MNT
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Categories
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;
Categories
Eligibility or required documents
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Application, resume /bank model/, 1 copy of photo, identity 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