Student fee loan | Credit Bank
 
Student fee loan
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2018-08-20More »


STUDENT FEE LOAN

Purpose of the loan

Loan for student fee of students studying at international and national accredited universities, institutes and high schools

Loan terms:

Loan amount

MNT 1,000,000-10,000,000

Loan interest (monthly)

1.7%

Loan interest (yearly)

20.4%

Loan term

Up to 12 months

True cost of loan (monthly)

1.7%

True cost of loan (yearly)

20.4%

Advantages:

  • Low interest
  • No loan service fees
  • Collateral is not required /in the case of confirmed income/ 

Requirements for borrower and co-borrower:

  • Must be a Mongolian citizen having full legal and financial capabilities;
  • For students studying overseas, their borrowers must be their family members permanently residing in Mongolia;
  • For high school students, their borrowers must be their parents;
  • Co-borrower must be a family member (spouse, parents, brothers, sisters, grandparents or children);
  • Must have been employed in the same organization for at least 12 months or must be regularly operating business activities continuously for a minimum of 1 year;
  • Must not have any loan default records or bad credit histories from other banks and non-banking financial institutions regarding debts payable.

Requirements for financial responsibility of borrower and co-borrower:

  • Must have regular income (salary or business income);
  • Sum of monthly repayments (principal and interest) must not exceed 40-50% of monthly net income;
  • Regular income (salary or business income) must be confirmed by social insurance book or bank statement.

Requirements for collateral:

  • If borrower’s income is finally confirmed- no collateral required
  • If borrower’s income is not finally confirmed- bank shall be entitled to request collateral or guarantee if deemed necessary

DOCUMENTS TO BE SUBMITTED:

Borrower and co-borrower must collect and submit the following documents to credit officer of the bank:

  • Loan application;
  • ID card;
  • Application (use bank template);
  • Reference of residence;
  • Original invoice of student fee;
  • Documents proving whether student accepted by the school (confirmation of acceptance for studies, student status letter, student ID card, confirmation etc.);
  • If salaried employee, last 12 month’s salary reference, employment agreement, original social insurance book and social insurance premium payment reference;
  • If self-employed, documents confirmed last 12 month’s income sources (license, permit, financial document, debt list or contract related to business operation, taxpayer’s book, pension book etc.); 
  • Bank statements;
  • Original Concernownership certificate;
  • Reference of property ownership right certificate;
  • Notarized consent approving to pledge the collateral or co-borrower’s collateral;
  • Loan agreement, pledge agreement, repayment schedule and reference on outstanding loan amount, if got loan from other banks;
  • Other documents and materials required by the bank during eligibility investigation.

Further information is available at: www.creditbank.mn,  Telephone: 94100500.94100600.94100700. 319038 (120, 121, 123, 124, 125).

 



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