Would it be possible to issue a loan for a client who has an additional outstanding loan?
Yes, it is possible to obtain an additional loan as long as you income sources can fully insure your repayment ability.
Is it possible to obtain a loan using a private housing as a collateral?
It is possible to obtain a loan only if both the ownership of private housing and certificate for land ownership is used as a collateral for the loan.
Can a loan be excused or freed from an obligation?
No, Bank of Mongolia has a clear set of policy prohibiting a client to end loan obligation through means of additional loans.
Can I obtain a loan for a car which I can start driving from today?
It is possible to drive your car only if the ownership of the automobile is temporarily transferred to the NBFI, and insurance for driver responsibility and asset insurance is in effect.
Would it be possible to obtain a loan using land ownership certificate, certificate for land utilization?
It is possible only if certificate of land ownership is issued. Certificate for land utilization cannot be used as a collateral for a loan.
What can be used as collateral for the loan?
It depends on the type of loan. An apartment, private housing and an automobile can be used as collateral for express loan. Automobile, real estate, and other certain types of assets can be used as collateral for certain business and consumer loans. Current assets including working capital, equipments can be used as fraction of the collateral. An future earnings can be used as a collateral for salary loan.
Is there a discount rate for repeat loan for the same client?
Different discount rates apply to different types of loans. There is no discount rates for express loan. For other loan types, discount rate is 0.1% per 180 days of interaction with the NBFI.
What are the general conditions for loans?
Our company offers 4 major types of loans to clients, namely, express loan, business loan, consumer and wholesale loans. General term for loans are 12 months at a monthly interest rate between 3% and 4%.