We offer a loan product for environmentally friendly electric passenger cars and off-road vehicles, catering to customers seeking personal transportation solutions.
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Category: Electric Vehicle Loan
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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.
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Terms and conditions
| Electric Vehicle loan | New vehicle | Used vehicle |
| Loan amount | New vehicle | Used for 10 years or less from the date of manufacture (vehicles with or without license plates) |
| 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 | Individual customers – Up to 30 months, | |
| Corporate customers – 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 | Up to 10% | Up to 30% |
| Both residential and commercial properties can serve as collateral, potentially reducing the collateral requirement to 0%. | ||
| Bank fee from vehicle supplier | 1% of the loan amount and it’s regulated through “Contractual agreement” | |
| Loan application | MNT 10,000 | |
| Car dealership | Official distributing company and supplier | |
| Credit recording enquiry fee /during loan analysis procedure/ | Individual – MNT 1,000
Corporate – MNT 1,000 |
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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).