Business loan
Loan purpose:
The loan will finance working capital requirements of businesses seeking to boost their profitability, improve product quality and purchase raw material.
Loan conditions:
| |
MNT |
USD |
| Loan amount |
determined in consideration of the business size, assets and financial capacity |
| Interest rate |
2.2%-1.5% (26.4%-18% per annum/) |
1.8-1.2%(21.6%-14.4% per annum) |
| Loan term |
up to months 24 |
Fees and commissions:
Loan application fee: MNT 5,000 USD 5
Acceptance fee: MNT 1 % USD 0.5%
Requirements:
- Permanent resident of the location
- Engaged in production or service business and possess at least one year experience in the field
- Sufficient market demand for the product/service and an ability to service the loan principal and interest expenses
- Collateral that meets the bank’s requirements
- Others
Necessary documentation:
- Personal ID
- Passport photo 1 copy
- Proof of residency
- Special operating license
- State registration certificate of business entity
- Consent from co-owner ( if any ) authorizing the pledge of property
- Supporting documentation of income
- Collateral documentation
- Reference on outstanding debt from other banks or non banking organizations
- Reference letter from State Real Estate Registration Office confirming absence of lien or encumbrance against the collateral property
- Others
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