Micro express loan
The purpose of the loan:
This loan finances working capital requirements of business entities for the purpose of supporting business activity, product and service quality improvements, and purchasing of inventory.
Loan conditions:
| |
MNT |
USD |
| Loan amount |
100,000-5,000,000 MNT |
100-2,000 USD
|
| Interest rate |
2.2%-1.6%(26.4%-19.2% per annum) |
1.8%-1.4% (21.6%-16.8% per annum) |
| Term |
up to 18 months |
Fees and commissions:
Loan application fee: 5,000 MNT 5 USD
Requirements:
- Permanent residence in the local area.
- Engaged in production or service business and possess at least one year experience in the fiel.
- Market demand for the product/service and principal and interest debt service capacity.
- In possession of assets that meet the bank’s requirements.
Necessary documentation:
- Personal ID.
- Passport photo 1 copy.
- Proof of residency.
- Special operating license.
- State registration certificate of business entity and company charter.
- Proof of income.
- Consent of co-owner, if any.
- Documentation related to the property to be pledged as collateral.
- Credit checks verifying the existence of loans at other banks.
- Audited financial statements.
- 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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