Category: Personal Banking

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 /Maximum amount 1,000,000 MNT/

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
Categories
Line of credit (LOC)

Terms and conditions

Credit line MNT  USD EUR RMB

JPY

Maximum amount

The maximum loan amount depends on the size of the business, capital and financial capacity.

Interest rate/monthly/

 2.00%-1.60% 1.50%-1.10% 1.20%-0.85% 1.20%-0.85%

1.20%-0.85%

Interest rate/annually/

 24.00%-19.20% 18.00%-13.20% 14.40%-10.20% 14.40%-10.20%

14.40%-10.20%

Commitment fee /annually/

 2.8%-4.2% 2.0%-3.6%

1.5%-3.0%

Term

 Up to 60 months

Up to 36 months

Service fee

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

0.5% of the loan amount /maximum USD 1,500 or amount equivalent in EUR, CNY, JPY

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

0%

Loan application fee 

30,000 MNT

Credit recording enquiry fee /during loan analysis procedure/

Individual – MNT 1,000

Corporate – MNT 1,000

* Effective percentage rate /annual/: MNT 19.69%-24.51%

Categories
Line of credit (LOC)

Requirements

  • 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

 

Categories
Line of credit (LOC)

Eligibility or required documents/Individual/

  • Loan Application / Bank’s application / and 1 passport-sized photo
  • A copy of the notarized citizen identification card (applies also to a person who jointly receives the loan). The loan officer checks the original ID card and makes a copy. Otherwise, the loan officer requires a notarized copy.
  • Statement of residence and statement from the National Police Agency of Mongolia
  • Collateral documents, real estate certificate, reference, land certificate, contract, cadastral map
  • Proof of income source documents and account statements
  • Permits for operation and lease agreement
  • Proof of loan purpose
  • Proof of tax receipt in case of real estate purchase
  • Other required documents
Categories
Investment Loan

Terms and conditions

Investment loan

 MNT USD EUR RMB

JPY

Maximum amount

The borrower must finance at least 30% of the total investment.

The maximum loan amount depends on the size of the business, capital and financial capacity.

Interest rate/monthly/

 2.00%-1.60% 1.50%-1.10% 1.20%-0.85% 1.20%-0.85%

1.20%-0.85%

Interest rate/annually/

 24.00%-19.20% 18.00%-13.20% 14.40%-10.20% 14.40%-10.20%

14.40%-10.20%

Term

 Up to 60 months

Up to 36 months

Service fee

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

0.5% of the loan amount /maximum USD 1,500 or amount equivalent to EUR, CNY, JPY

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

0%

Grace period

Up to 12 months

Loan application fee 

30,000 MNT

Credit recording enquiry fee /during loan analysis procedure/

Individual – MNT 1,000

Corporate – MNT 1,000

* Effective percentage rate /annual/: MNT 19.69%-24.51%

Categories
Investment Loan

Requirements

  • Evidence of running the business in the last 12 months and continuing to pursue it as a going concern
  • Collateral to satisfy the bank’s requirements (e.g. property deeds, other fixed or moveable assets, etc.)
  • Other requirements from the bank on a case by case basis
Categories
Investment Loan

Eligibility or required documents

  • Loan Application / Bank’s application form/ and 1 passport-sized photo
  • A copy of the notarized citizen identification card (applies also to a person when the loan is jointly received). The loan officer checks the original ID card and takes a copy. Otherwise, the loan officer will require a notarized copy.
  • Statement of residence and statement from the National Police Agency of Mongolia
  • Collateral documents, real estate certificate, reference, land certificate, contract, cadastral map
  • Proof of income source documents and account statements
  • Permissions to operate and lease agreement
  • Proof of loan purpose
  • Proof of tax receipt in case of real estate purchase
  • Other required documents
Categories
Working capital loan

Terms and conditions

Working capital loan

 MNT USD EUR CNY

JPY

Amount

Maximum amount of the loan is determined based on range of operations, capital and financial capacity of the client’s business. 

Interest rate /monthly/

 2.00%-1.60% 1.50%-1.10% 1.20%-0.85% 1.20%-0.85%

1.20%-0.85%

Interest rate /annually/

 24.00%-19.20% 18.00%-13.20% 14.40%-10.20% 14.40%-10.20%

14.40%-10.20%

Term

Up to 36 months

Service fee 

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

0.5% of the loan amount /maximum USD 1,500 or amount equivalent to EUR, CNY, JPY

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

0%

Grace period

Up to 12 months

Loan application fee 

MNT 30,000

Credit recording enquiry fee /during loan analysis procedure/

Individual – MNT 1,000

Corporate – MNT 1,000

* Effective percentage rate /annual/: MNT 19.95%-24.77%

Categories
Working capital loan

Requirements

  • Evidence of running the business in the last 12 months and continuing to pursue it as a going concern
  • Collateral to satisfy the bank’s requirements (e.g. property deeds, other fixed or moveable assets, etc.)
  • Other requirements from the bank on a case by case basis.
Categories
Working capital loan

Eligibility or required documents

  • Loan Application / Bank’s application form/ and 1 passport-sized photo
  • A copy of the notarized citizen identification card (applies also to a person when the loan is jointly received). The loan officer checks the original ID card and takes a copy. Otherwise, the loan officer will require a notarized copy.
  • Statement of residence
  • Collateral documents, real estate certificate, reference, land certificate, contract, cadastral map
  • Proof of income source documents and account statements
  • Permissions to operate and lease agreement
  • Proof of loan purpose
  • Proof of tax receipt in case of real estate purchase
  • Other required documents
Categories
Salary Loan

Benefits

  • Get a loan as soon as possible if you need it financially;
Categories
Salary Loan

Terms and conditions

Salary loan

Terms

Maximum amount

Up to 60% of net salary for up to 30 months

Interest rate /monthly/

1.4%-2.0%

Interest rate /year/

16.8%-24.0%

Loan term

Up to 30 months

Service fee

1%

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

Application fee

10,000 MNT

Credit recording enquiry fee /during loan analysis procedure/

Individual – 1,000 MNT

* Effective percentage rate /annual/: 17.92%-25.16%

Categories
Salary Loan

Eligibility or required documents

  • Request form, a passport photo, ID card and written request (to be written by hand);
  • Original and copy of social insurance book;
  • Residency reference;
  • Reference from the organization /it should be mentioned that it is possible to work in a stable way in the future/;
  • Salary account statement;
  • Other documents to determine household income and expenditure;
  • Other documents if loan collateralized.