LOAN FOR PURCHASE OF VEHICLES, HEAVY MACHINERY AND MECHANISMS
General Requirements:
- To have the management capacity and ability to use the loan in a profitable manner;
- Have uninterrupted operation of the business in the last 12 months;
- Have business profitability projection and calculation;
- Have special permits and licences nesessary for business operation;
- No past due or bad loans at other financial institutions.
Loan Terms and Conditions:
|
Loan amount |
Up to 500 million MNT |
|
|
Loan interest /annually/ |
MNT |
USD |
|
19.2% - 22.8% |
13.2% - 18% |
|
|
Loan interest /monthly/ |
1.6% - 1.9% |
1.1% - 1.5% |
|
Loan tenor |
Up to 60 months |
|
|
Advance payment |
10% - 30% * |
|
|
Collateral |
Purchasing vehicles, heavy machinery and mechanisms / If necessary, additionally mortgage property/ |
|
|
Loan service fee |
1% of total loan amount or not more than 2,900,000 MNT |
|
|
Application fee |
10,000 MNT |
|
|
* New vehicles /Toyota, Lexus/ - 10% Second hand vehicles /not obtained vehicles license plate/ - 20% Second hand vehicles /obtained vehicles license plate / - 30% Heavy machinery and mechanisms - 30% |
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Benefits:
- No principal payment for the first 6 months of loan tenure.
- Arig Bank's professional and experienced Care Advisors can give you an offer especially designed for you and your needs.
- The loan approval will take 8 working hours.
- You will not stand in long lines at Arig Bank, and our staff will greet and treat you like a guest to their home.
REQUIRED DOCUMENTATION:
- Handwritten letter of Loan Request (with a photo taken within last 6);
- Filled out Loan Application form from Arig Bank;
- Notarized copy of Personal ID;
- Document related to business;
- Proof of residency;
- Loan spending and profitability projection;
- Real estate Certificate (original copy), official inquiry on other loans;
- Other necessary documents for loan approval.
