Micro express 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 100,000 to 5,000,000 MNT
100 to 5,000 USD
Interest rate 2.2%-1.6%(26.4%-19.2% per annum)
1.8%-1.4% (21.6%-16.8% per annum)
Loan term up to months 18
Fees and commissions: Loan application fee: MNT 5,000 USD 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 from local government
Documentations of collateral
Special operating license
Consent from co-owner ( if any ) authorizing the pledge of property
Supporting documentation of income
Documents confirming credit history, loan agreements and repayment records
Documents confirming the purpose of the loan
Reference on outstanding debt from other banks or non banking organizations
Others
