|
Conditions |
MNT |
|
Maximum loan amount |
The loan amount shall not exceed 18 percent of the Bank’s equity and the financing shall not exceed 30 percent of the amount of gold reserves in togrogs in the license area owned by the gold mining company. |
|
Loan interest rate /monthly/ |
1% |
|
Loan interest rate /anual/ |
12% (Policy interest rate + 3%) |
|
Loan term |
Up to 24 months |
|
Service fee |
1% of the loan amount or up to a maximum of MNT 1,500,000 |
|
Penalty interest rate |
Penalty interest rate is equal to 20% of the base interest rate |
|
Fee for changing the original loan terms |
0% |
|
Grace period |
The Loan Committee shall decide and may be for a period determined by the Bank of Mongolia |
|
Application fee |
30,000 MNT |
|
Credit recording enquiry fee /during loan analysis procedure/ |
Individual – 1,000 MNT Corporate – 1,000 MNT |
Category: Gold program on-lending
Products designed to ensure the short-term and medium-term sustainable development of the gold mining industry in Mongolia. It includes support for the introduction of advanced methods, technologies and management in gold mining and processing, environmental protection, improved rehabilitation outcomes, increased returns on gold mining and increased economic potential.
Categories
Requirements
- Funding shall not exceed 30 percent of the amount of gold reserves in togrogs in the license area owned by a gold mining business entity;
- Participating gold mining companies must use the loan for investment purposes;
- The participating gold mining business entity must fully agree to the terms of selling the mined gold to the Bank of Mongolia during the financing period and will pay in MNT according to the loan repayment schedule;
- There is no debt classified in the name of the company;
- The borrower must have sufficient cash flow to repay the loan and interest and have sufficient collateral.