If you face seasonal working capital needs, a credit line is a suitable solution for your business. A credit line can be opened for a certain amount and a certain period of time to help manage your costs and to plan your business accordingly.
Loan terms
| terms | MNT | USD | |
|---|---|---|---|
| Loan amount | Flexible depending on business scope and financial solvency | ||
| Interest rate | 1.5% - 1.8% | 1.1 %- 1.5% | |
| /18.0% -21.6%/ per annul | /13.2% - 18.0%/ per annul | ||
| Loan period | 36 months | 36 months | |
| Service fee | 1.00% | 0.5% | |
| Commitment fee | Up to 500 million 0.2% | Over 500 million 0.25% | 0.10% |
| 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.
