Category: Personal Banking

Categories
Outgoing international wire transfer

Things to keep in mind when sending international wire transfers

Please kindly note that the following information must be obtained from the payee in advance when sending a payment to a foreign country. These include:

  • Recipient’s full name, address and document number
  • Recipient’s bank name and swift code
  • Name of the correspond bank of the payee bank, swift code (if any)
  • On the remittance information field, specify the purpose of the payment (for example, tuition, gifts, donation, etc.)
Categories
Outgoing international wire transfer

Terms of the intermediary bank fee

Which party is responsible for the correspondent bank’s fee:

  • SHA – Remitter is not responsible for the intermediary bank fees and the fees will be deducted from the total amount by the correspondent banks
  • OUR – Remitter is responsible for the first intermediary bank fees. Additionalintermediary bank fees will be deducted from the total amount transferred.
  • Fullpay /G-OUR/ – This option is only available for USD transfers. Remitter is responsible for all banking charges and the beneficiary will receive the payments in full amount
Categories
Outgoing international wire transfer

Mandatory reminders when sending international wire transfer

Dear customers, if you are planning to send international wire transfer to foreign countries, please pay attention to the below information:

  • If you are a foreign trader and you have received an e-mail asking you to transfer the payment to another account, therefore informing you that the beneficiary information has changed, you should contact the customer via phone call to confirm the changed information. 
  • If you have lost your personal photo or video to a stranger online and pressured to make payments to them, we advise you to notify the police immediately.
  • Please note that, if you receive a notification about a random lottery win or a large amount of cash on your computer or mobile phone and it asks you to transfer a payment in an advance, this is a common case of cybercrime.
  • If you suspect that any of the above incidents have occurred or may occur to you, please contact the Police at 11-311606 or 102 for more information and advice. You may also send an electronic complaint to the Police at www.service.police.gov.mn, where you can submit your application.
Categories
Incoming international wire transfer

General information to receive payment

Click on the currency from the list below, fill in your current account information with the Transport and Development Bank, and please send the information to the remitter to receive payment from abroad.

USD Receiving payment in US Dollar, please click here 
EUR Receiving payment in Euro, please click here
CNY Receiving payment in Chinese Yuan, please click here
GBP Receiving payment in British Pound, please click here
RUB Receiving payment in Russian Ruble, please click here
JPY Receiving payment in Japanese Yen, please click here
SGD Receiving payment in Singapore Dollar, please click here
HKD Receiving payment in Hong Kong Dollar, please click here
TRY Receiving payment in Turkish Lira, please click here

 

Categories
Correspondent Banks

List of correspondent banks

For more information

Categories
Energy efficient housing loan

Terms and conditions

Terms

MNT

Loan size

Up to MNT 70.0 million

Monthly interest rate

    1.00%

Annual interest rate

12.00%

Loan period

180 months 

Down payment

The loan applicant: Not less than 10% percent of the loan amount

Funded by GIZ: Up to 30% of the loan amount or up to 18,000,000 MNT

Loan origination fees

Amounts to about 1% of disbursed loan or equivalent to MNT 1,500,000

Penalty interest rate

Equivalent to 20 percent of the base interest rate

Loan forbearance fee

Amounts to about 1% of total loan balance 

Loan application fee

MNT 10,000 

Credit recording enquiry fee /For each/

Individual – MNT 1,000 

* Effective percentage rate /annual/: 12.19%

Categories
Mortgage loan for luxury apartments

Terms and conditions

Luxury apartment loan

Terms

Loan size

Up to MNT 2.0 billion

Down payment

Greater than or equal to 20% 

Loan interest rate /monthly/

1.60%-1.80%

Loan period

Up to 120 months

Loan origination fees

Amounts to about 1% of disbursed loan or equivalent to MNT 1,500,000

Penalty interest rate

Equivalent to 20 percent of the base interest rate

Loan forbearance fee

Amounts to about 1% of total loan balance / The maximum amount is equivalent to MNT 1,500,000 /

Loan Application fee

MNT 10,000 

Credit recording enquiry fee /For each/

Individual – MNT 1,000 

Corporate – MNT 1,000

* Effective percentage rate /annual/: 19.52%-21.93%

Categories
Private housing and real estate's loan

Terms and conditions

Private house mortgage

 MNT

USD

Interest rate

Down payment / Loan-to-value ratio of Private house /

 30.0%-39.9% 40.0%-49.9% Greater than or equal to 50.0%  Less than 30.0%

Greater than or equal to 30.0%

Monthly rate

 1.80% 1.70% 1.60% 1.35%

1.00%

Annual rate

 21.60% 20.40% 19.20% 16.20%

12.00%

Loan period

Up to 180 months

Loan origination fees

Amounts to about 1% of disbursed loan and MNT 1,500,000 

Penalty interest

Equivalent to 20 percent of the base interest rate

Loan forbearance fee

Amounts to about 1% of total loan balance

Loan Application fee

MNT 10,000 

Credit record enquiry fee /For each/

Individual – MNT 1,000 

Corporate – MNT 1,000 

* Effective percentage rate /annual/: MNT 19.48%-21.90%

Categories
Private housing and real estate's loan

Requirements

  • The loan applicant shall have held steady employment at the current place of work for at least the previous 12 months or be running their own business for at least 1 year
  • Documentary evidence that 30% of construction budget is financed by the borrower;
  • The monthly repayment to income ratio shall not exceed 60% of post-tax income;
  • To have no overdue and non-performing loan history at other banks or NBFIs.
Categories
Private housing and real estate's loan

Eligibility or required documents

  • Loan application form /bank format/
  • Loan application letter /loan size, loan period, clear statement about purpose of loan / 
  • A passport-sized photo 1%
  • Notarized copy of Citizen’s ID Card
  • Residential reference letter from Governor of resident area (names of family members, registration number).
  • Marriage registration reference
  • A purchase agreement, total remodeling construction budget
  • Employment verification letter / Shall indicate the job stability of the employee /
  • Notarized copy of Social Insurance /shall include the assigned position history/
  • Original and Copy of Employment contract;
  • Documents proving household and business income (e.g. bank account and other financial statements)
  • Documents proving business activities 
  • Bank account statement / salary statement and other business account statement proving all business income transactions /
  • Original copy of collateral’s state registration certificate along with inquiry /If the collateral is an apartment then the state registration certificate, along with the land cadastral map/
  • Inquiry of General Authority for State Registration and Land Administration and Management of the purchasing house
  • If the loan applicant has the outstanding loans at other banks and NBFIs /Loan agreement, loan account statement/
  • Other documents may be required on a case by case basis
Categories
Mortgage Loan

Terms and conditions

Mortgage loans

Terms 

Loan Size

Loan-to-value ratio shall not exceed 70% of the apartment to be purchased;

/ This percentage does not need to be taken into account when collateral is property/
Down payment

30% ≥ 

Interest rate /annual/

6.00%

Loan period

Up to 360 months

Loan origination fees

Amounts to about 1% of disbursed loan and MNT 1,500,000 

Penalty interest fee

Equivalent to 20 percent of the base interest rate

Loan Application fee 

MNT 10,000 

Credit record enquiry fee /For each inquiry/

Individual – MNT 1,000 

Corporate – MNT 1,000 

* Effective percentage rate /annual/: 6.09%

Categories
Mortgage Loan

Eligibility Criteria

  • The main borrower/loan applicant has not previously been involved in a subsidized mortgage or rental housing program provided by the State;
  • The loan applicant must have business or salary income transactions at the Transport and Development Bank (TransBank) for at least within the past 6 months.
Categories
Mortgage loan

Terms and conditions

Mortgage loan

Terms

MNT

USD

Maximum limit

 Up to 500.000.000 MNN or equivalent of USD

The loan analysis will be conducted using a standard form. The loan analysis will examine the borrower’s ability to repay the loan and assess the financial difficulties that the borrower may face. The total loan and interest payments of the borrower on a monthly basis shall not exceed 60% of debt-to-income.

Down payment

20%

If additional property is pledged the down payment amount can be decreased down to 0%

Interest rate

Down payment

 /Percentage of housing value /

 Additional pledged property or 20.0%-29.9% of the amount  30.0%-39.9% 40.0%-49.9% 50.0% or above Additional property pledged

20% or above

Interest rate/monthly/ 

 1.80% 1.70% 1.65% 1.60% 1.35% 1.00%
Interest rate/annually/ 21.6% 20.4% 19.8% 19.2% 16.2%

12.0%

Terms

 Up to 360 months

Up to 120 months

Service fee

1% of the loan amount /maximum MNT 1,500,000/ or equivalent currency

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 terms

1% of the loan balance

Loan application fee 

 10,000 MNT
Credit recording enquiry fee /during loan analysis procedure/

Individual – 1,000 MNT

Corporate – 1,000 MNT

* Effective percentage rate /annual/: MNT 20.40%-21.86%

Categories
Mortgage loan

Requirements

  • The borrower shall have been of steady employment at the current place of work for at least the previous 12 months or running their own business for at least 1 year
  • The total monthly loan repayment should be no more than 60% of the post-tax income 
  • No overdue loans or non-performing loans at any commercial bank or financial institution
Categories
Mortgage loan

Eligibility or required documents

  • Loan application form /attached /
  • Handwritten application (terms and condition, a purpose of loan should be clearly addressed)
  • A passport-sized photo
  • Notarized copy of ID;
  • Proof of down payment (proof of payment of at least 30% of the apartment, or proof of ability to pay or the deposited account statement)
  • Statement of savings account that covers the down payment or related evidence
  • Salary income statement by the employer, should indicate / whether the employee is able to work permanently in the future/
  • Notarized copy of social insurance book/ should include a page nomination of current position/ 
  • Residential reference letter from Governor of resident area (names of family members, registration number/
  • Original and copy of employment contract 
  • Documents proving household and business income
  • Documents proving business activities
  • Account statement / proof of income documents/
  • Original documents for the collateral (if it is the apartment, real estate certificates)
  • Detailed inquiries about the property from the Land Office and GASR
  • If you have a loan balance with other banks and NBFIs, loan agreement, loan account statement and loan and interest payment documents
  • Other required documents