Electric Vehicle Loan | New Vehicle |
Loan amount | Probably not used |
Up to 300 million MNT | |
Loan term | Individuals – Up to 30 months |
Corporate – Up to 48 months | |
Interest rate /monthly/ | 1.4% – 1.6% |
Interest rate /annual/ | 16.8% – 19.2% |
Service fee | 1% of the loan amount /maximum MNT 1,500,000/ |
Penalty interest rate | Penalty interest rate /equivalent to 20% of base interest rate/ is added to the base interest rate |
Collateral | Purchased vehicle as a collateral |
Down Payment | 30% |
Bank fee from vehicle supplier | 1% of the loan amount and it’s regulated through “Contractual agreement” |
Loan application | 10,000 MNT |
Car dealership | Official distributing company and supplier |
Credit recording enquiry fee /during loan analysis procedure/ | Individual – MNT 1,000 Corporate – MNT 1,000 |
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