Long-term investment loans for business expansion.
Purpose of loan:
- Finance purchase of land, property, or for construction related to business expansion;
- Finance purchase of equipment, vehicles, or to cover installation costs;
- To provide additional funding for long-term working capital loans during the investment process.
advantages:
- Longer loan tenor - up to 60 months;
- Up to 24 months grace period depending on business module;
- To decrease the interest rate based on increased cooperation;
- No service fee for internet banking;
- To determine the repayment schedule according to business sales inflow;
- No penalty fee on voluntary prepayment of loan by client;
- More flexible condition for collateral.
Loan terms:
| condition | mnt | usd |
|---|---|---|
| Loan amount | Depends on business requirements | |
| Interest rate /monthly/ | 1.5%- 1.8% | 1.1% - 1.5% |
| /18.0% -21.6%/ per annul | /13.2% - 18.0%/ per annul | |
| Loan period | Up to 60 months | |
| Service fee | 1.00% | 0.5% |
| Loan application fee | 0 MNT | |
Criteria:
- In operation for the past 6 months;
- To have the required business license from the relevant authority, valid until the loan maturity, or in case of special licenses with set periods, availability to obtain an extension until loan matures;
- No previous bad credit history with other banks, financial institutions, individuals or legal entities;
- Maintains accounting records which are up to date and accurate with regards to the operation of the business; in case of legal entities, accounting bookkeeping;
- Provide accurate and complete information as required by the bank;
- In case of establishment of a legal entity during the process of doing business, said legal entity should have no bad credit history or bankruptcy record.
Required documents:
- XacBank application form;
- Business background;
- Certificate of legal entity, charter and founders’ agreement;
- Financial statements (last 1-3 years);
- Business permits, licenses, and patents;
- Land ownership and occupancy certificates;
- Recent credit history from other banks and financial institutions;
- Agreements and transactions relevant to activities to be financed by loan;
- Documents relevant to collateral assets.
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