Yes, it is possible to obtain an additional loan as long as you income sources can fully insure your repayment ability.
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.
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.
No, Bank of Mongolia has a clear set of policy prohibiting a client to end loan obligation through means of additional loans.
It is possible only if certificate of land ownership is issued. Certificate for land utilization cannot be used as a collateral for a 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.
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.
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%.
For express loan, an amount equal to 50% of the assets such as automobile, apartment, private housing, and land is offered for loan.
For other types of loans, an amount equal or up to 70% of real estate value, an amount equal or up to 50% of current asset value is offered for loan.
It is required by the NBFI to have a fully covered insurance for express loan used for purchasing an automobile.
It is possible to issue an express loan in 1 day if all the necessary supporting documents are valid and presented within the day.