| Car loans | New cars | Used cars |
| Loan amount
|
Up to 300 million MNT | Up to 100 million MNT |
| The monthly loan payment is no more than 55% of the borrower’s debt-to-income ratio. If the borrower has loans to other banks, NBCs, industrial units, or individuals, the monthly payments made on that loan are included in the debt-to-income ratio. | ||
| Terms | Up to 30 months | |
| Loan interest /month/ | 1.6% – 2.0% | |
| Loan interest /annaul/ | 19.2% – 24.0% | |
| Service Fees | 1% of the loan amount or the maximum amount is 1,500,000 MNT | |
| Increased interest
|
The increased interest rate is equal to 20% of the principal interest rate | |
| Collateral | Cars to buy | |
| Advance payment | up to 10% | up to 30% |
| Fees from suppliers | 1% or regulated by the “Cooperation Agreement”. | |
| Application Fee | 10,000 MNT | |
| Benefits of Changes to the Original Loan Term | Loan balance up to 1% /Maximum amount 1,000,000/ | |
| Other | It is required to purchase cars from the supplier organization with which the “Cooperation Agreement” has been concluded. | |
| Credit database reference fee | Citizen – 1,000 MNT
Organization – 1,000 MNT |
|
Actual cost /annual/: 19.6%-24.4%