REVOLVING LOAN
• A revolving loan is a type of credit that allows the borrower to access funds up to a pre-approved credit limit as needed, and to borrow again as repayments are made on the utilized amount.
• The main advantage of this loan is that it provides a flexible working capital solution, enabling businesses or individuals to reuse the credit whenever necessary.
- loan amount: MNT 1.5 million – MNT 500 million
- Loan term: Up to 24 months
- Interest average rate (monthly): 3.2% – 3.8%
- Interest average rate (annual): 36% – 45.6%
- Legal Capacity and Income Stability:
– Applicants must have full legal capacity and maintain a stable income throughout the loan term.
- Credit History:
– Applicants must not have any overdue or reclassified loan history with banks or financial institutions.
- Salary Income Applicants:
– Must have been employed as a full-time staff member at the current organization for the last 6 months, with income verified through bank statements.
- Business Income Applicants:
– The business must have been operating steadily for at least 6 months, with income verified through bank statements related to business activities.
- Collateral Ownership:
– In cases where the collateral property has two or more owners, all owners are required to participate as borrowers and/or pledgers.
- National ID card (for individuals)
- State registration certificate (for companies)
- Income verification documents (e.g., last 6 months’ bank statements related to business income, financial records, business contracts, etc.)
- State registration certificate of the collateral property
- Other required documents
- Residential apartment
- Automobile / Vehicle
- Office or commercial real estate
- Parking space
- Private residence or house with land ownership rights
- Detached house with land ownership rights
- Machinery and heavy equipment
- Industrial buildings and facilities
