We offer a loan product for environmentally friendly electric passenger cars and off-road vehicles, catering to customers seeking personal transportation solutions.
Categories
Category: Electric Vehicle Loan
Categories
Benefits
- No requirement of additional collateral
- Environmentally friendly, energy efficient and low operating costs
- Long-term, flexible terms
- Prompt solution in short period of time.
Categories
Terms and conditions
| Electric Vehicle Loan | New Vehicle |
| Loan amount | Probably not used |
| Up to 300 million MNT | |
| Loan term | Individuals – Up to 30 months |
| Corporate – Up to 48 months | |
| Interest rate /monthly/ | 1.4% – 1.6% |
| Interest rate /annual/ | 16.8% – 19.2% |
| 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 | 30% |
| Bank fee from vehicle supplier | 1% of the loan amount and it’s regulated through “Contractual agreement” |
| Loan application | 10,000 MNT |
| Car dealership | Official distributing company and supplier |
| Credit recording enquiry fee /during loan analysis procedure/ | Individual – MNT 1,000 Corporate – MNT 1,000 |
Categories
Requirements
- The borrower must be employed by the employer for at least 6 months or have consistently run a business for at least 1 year;
- Up to 60% of after-tax income of the borrower must be sufficient for the monthly payment;
- The borrower must not have an outstanding or overdue loans at another bank or NBFI.
- Loan Application / Bank’s application /, 1 passport-sized photo, ID card and its copy;
- Statement of residence;
- Proof of income source documents and account statements;
- Related certificates for purchasing vehicle and invoice of purchasing vehicle from supplier;
- Other documents required by Bank (on a case-by-case basis).