You may apply for a working capital loan to carry out sustainable and normal operations of your business, expand it and to finance household consumption.
Advantages
- The size of the loan depends on your business scope and financial capacities;
- Clients with good loan history, holding current account and savings deposit accounts at XacBank will enjoy lower interest rate on loan;
- We offer flexible repayment schedule to match your business features and seasonal characteristics and give grace period of up to 8 months period;
- The working capital may be used as guarantee for your loan;
- We can finance your additional demand with a repeat loan even if you already have an outstanding loan with the Bank
Purpose of Loan
- If you intend to start a new business, increase the working capital, and expand your business activities to increase income and revenues, we recommend you the “working capital loan”;
- We also offer household loan to finance your other needs such as purchase of furniture, home appliances, renovation works, tuition fee of your children and travel.
Loan terms
| Loan size | Loan period | interest rate* | service fee | ||
|---|---|---|---|---|---|
| Monthly rate | Annual rate | ||||
| Up to 500 million MNT | Up to 36 months | 1.8%-2.0% | 21.6% - 24.0% | Interest rate can be decreased depending on the deposit amount and loan cycle /number of loans/ of the customer. | up to 5 million MNT - 0.5% 5 - 30 million MNT - 1% Commitment fee: 0.2% |
| 500 million to 2.5 billion MNT | 1.6%-2.0% | 19.2% - 24.0% | |||
*Annual percentage rate: 22.5% - 24.9%
Requirements
- Have business income to prove your financial capacity to repay the loan;
- Have operated the business for more than 6 months;
- Possess movable or immovable properties to pledge.
Required documents
- Client Application Form /XacBank form, 1 copy of photo/ only for the first time loan applicants;
- Business Loan application form; /XacBank form/;
- Copies of ID Cards;
- Business related documents /Special permits, patents, and licenses/;
- Worksite documents /rent agreement, receipts of most recent rental payments /;
- Business related documents /financial statements, record book etc./;
- In case operational licenses are required, patents, licenses, and permits granted by authorities, and rental agreement;
- Certificate of ownership of apartments, houses and land;
- Miscellaneous:
- Other.
