- Borrower is enabled to maintain jobs, to obtain working capital necessary for the consistent operations of the business, and to have access in refinancing previous jobs supporting loan the borrower took from other bank.
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Category: Job support loan
We offer you a loan for small and medium enterprises and service providers to financially access and maintain working capital of business and retain employees.
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Terms and conditions
|
Product terms |
Job support loan |
|
Loan amount /Securitization/ |
Up to MNT 500,000,000 |
|
Loan interest rate /annual/ |
3% |
|
Loan term |
Up to 36 months |
|
Service fee |
In case of new loan, it shall not exceed 1 percent of the loan amount /max. MNT 1,500,000/ |
|
Penalty interest rate |
Penalty interest rate is equivalent to 20 percent of the base interest rate |
|
Application fee |
MNT 30,000 |
|
Other |
Other requirements and conditions of the Bank of Mongolia |
|
Credit recording enquiry fee /during loan analysis procedure/ |
Individual – MNT 1,000 Corporate – MNT 1,000 |
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Requirements
- The borrower must have run business operations inside Mongolian territory;
- History of running the business in the last 12 months;
- Good credit history and score and other evidence of ability to repay the loan;
- Collateral to satisfy the bank’s requirements;
- In case of a legal entity, the shareholder has not changed since the Government Resolution was issued on February 17, 2021;
- The borrower must register the business as a value-added tax withholder or exempt from value-added tax;
- To meet the requirements set forth in Articles 4.1.1 and 7.1 of the Law on Supporting Small and Medium Enterprises and Services in case of insufficient collateral to obtain a guaranteed loan from the State Property Committee;
- Other requirements from the bank on a case by case basis;
- Other requirements set by the Bank for the implementation of this agreement within the framework of loan operations procedures and instructions.
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Required documents
- The business profile;
- Business license;
- Original ID card of the borrower and its notarized copy, 1 passport-sized photo taken in last 6 months;
- Certificates and documents of collateral;
- Account statement;
- Proof of loan purpose and related agreements;
- Proof of credit history for the last 3 years, loan agreement, and proof of payment;
- Other required additional materials.