Business loan
The purpose of the loan:
This loan is designed to finance working capital requirements for small and medium businesses.
Loan conditions:
| |
MNT |
USD |
CNY |
| Loan amount |
The loan amount will depend on business scope, capital and financial capacity |
| Interest rate |
2.2%-1.5% (26.4%-18% per annum/) |
1.8-1.2%(21.6%-14.4% per annum) |
1. Ulaanbaatar branches 1.2% (14.4% per annum)
2. Rural Branches 2.1% (25.2% per annum)
|
| Loan term |
up to 24 months |
up to 18 months |
Fees and commissions:
Loan application fee: MNT5,000 USD 5 CNY 40
Acceptance fee: MNT 1 % USD 0.5% CNY 0.5%
Requirements:
- Permanent residence in the local area.
- Engaged in production or service business and possess at least one year experience in the field.
- Market demand for the product/service and principal and interest debt service capacity.
- In possession of assets that meet the bank’s requirements.
- Existing accounts with Khan Bank for income and expense transactions.
- If applicant is engaged in foreign trade, foreign settlement must be conducted by Khan Bank.
- Other types of financial services obtained from Khan Bank.
Required documentation:
- Personal ID.
- Passport photo 1 copy.
- Proof of residency.
- Special operating license.
- State registration certification of business entity and company charter.
- Proof for income.
- Consent of co-owner, if any.
- Documentation related to the property to be pledged as collateral.
- Reference letter from State Real Estate Registration Office confirming absence of lien or encumbrance against the collateral property.
- Credit checks verifying the existence of loans at other banks.
- Financial statements audited by an audit company and the taxation office.
- Documents evidencing the intended use of loan.
- Resolution from Board of Directors and minutes of Shareholders’ meeting authorizing the loan.
- Proof of loan history, loan agreements and payment records.
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