Car loan

A loan product with flexible terms for individuals intending to purchase vehicle for personal use

Ratio indicator ⁷

¹ If a customer with business income transfers their loan, the down payment can be 0%.

² In the case of buying a used car, the vehicle must have been manufactured within the past 13 years.

³ For used cars that have not yet been registered in Mongolia, the down payment can be 20% or more.

⁴ Loans for hybrid and electric vehicles are eligible to customers who have received their salary in an M Bank account for at least 3 months.

⁵ The interest rate will be determined by the bank based on the customer’s loan scoring, within the range specified by the bank. For used car loans, the interest rate will depend on both the manufacturing year of the vehicle and the customer’s credit score.

⁶ The interest rate of the loan will be determined by the Bank, according to the terms of the partnership agreement, based on the percentage of the down payment.

⁷ If the borrower is a co-borrower or guarantor on another loan, that obligation will be included in the income-to-debt ratio calculation.

⁸ The mortgage loans mentioned here refer only to government-supported mortgage loans with subsidized interest rates. Loans financed from the Bank’s own funds are not subject to this requirement.

⁹ The Bank may reduce the commission rate to 0% at the meeting of the relevant committee within the scope of any cooperation.

Frequently asked questions

What are the requirements for obtaining a loan?

Is a co-borrower required?

What is the debt-to-revenue ratio?