Categories
Electric Vehicle Loan

Terms and conditions

Electric Vehicle LoanNew Vehicle
Loan amountProbably not used
Up to 300 million MNT
Loan termIndividuals – Up to 30 months
Corporate – Up to 48 months
Interest rate /monthly/1.4% – 1.6%
Interest rate /annual/16.8% – 19.2%
Service fee1% of the loan amount /maximum MNT 1,500,000/
Penalty interest ratePenalty interest rate /equivalent to 20% of base interest rate/ is added to the base interest rate
CollateralPurchased vehicle as a collateral
Down Payment30%
Bank fee from vehicle supplier1% of the loan amount and it’s regulated through “Contractual agreement”
Loan application10,000 MNT
Car dealershipOfficial distributing company  and supplier
Credit recording enquiry fee /during loan analysis procedure/Individual – MNT 1,000 Corporate – MNT 1,000

* Effective percentage rate /annual/: 17.64%-20.50%