Product terms
Loan amount
5,000,000 MNT – 100,000,000 MNT
Loan period
up to 199 months
Repayment frequency
Once a month
Interest rate
3.31% – 3.80%
| Loan amount | 5,000,000₮ – 100,000,000₮ |
|---|---|
| Loan purpose | Business loan |
| Loan Duration | Up to 199 months |
| Interest rate (monthly) | 3.31% – 3.80% |
| Overdue interest rate | None |
| Service fee | None |
| Collateral | Not required |
(The publicly declared interest rate is equal to the actual interest rate)
Tutorial video
A video tutorials you may need
- 1. Must be an 18-year-old citizen of Mongolia
- 2. Must have been engaged in business activities for the past 12 months or longer
- 3. Submit the bank statement for the account receiving income and calculate the credit line eligibility
- 4. Must have no overdue loan balance or history in the Credit database
- 5. The debt-to-income ratio should be sufficient to repay the loan
What is Flexi Business?
The FLEXI BUSINESS loan is a new lending product offered by LendMN, designed to provide you with the opportunity to easily meet your financial needs for investment in your business, attract working capital, and expand your business.
It offers a flexible repayment schedule and longer repayment terms, allowing you to access the credit line as needed and repay it in multiple installments.
If you are eligible for the FLEXI loan product, note that the credit line granted under the FLEXI BUSINESS loan will be shared with the FLEXI loan credit line based on the principle of a unified credit line.
1.1. What are the key conditions of the FLEXI BUSINESS loan?
- Loan Amount: From 5 million to 100 million MNT
- Base Interest Rate (monthly): 3.80%
1.2. What are the discounted conditions for the FLEXI BUSINESS loan?
- During the discount period, customers can benefit from a reduction in the monthly interest rate if they repay their installment on time.
- The amount of interest discounted will be deducted from the principal loan, which will reduce your loan amount and the repayment term.
- Discounted term: 60 months (calculated from the date the customer takes out the initial loan)
- Interest rate discount: Up to 13% of the base interest rate
- Interest rate discount (monthly): Up to 3.31%
- Once the discount period of 60 months ends, no further discount will be applied to the remaining loan balance or any new loans taken. The loan will then continue at the base interest rate.
1.3. What the key features of the FLEXI BUSINESS loan:
- Non-collateral, fully digital business loan
- Credit line tailored just for you
- Potential for high loan amounts
- Ability to use the credit line repeatedly with multiple withdrawals
- Flexible long-term repayment terms
- Discounted loan terms
- Repayment option once a month on a chosen day
- No loan issuance fees or penalty interest
Eligibility requirements
You, the customer, are eligible to use the FLEXI BUSINESS loan based on the following criteria:
- You must be a citizen of Mongolia who is at least 18 years old.
- You must have been engaged in business activities for the past 12 months or longer.
- You are required to submit the bank statement for the account receiving income and calculate your eligibility for the credit line.
- You must have no overdue loan balance or history in the credit report.
- Your debt-to-income ratio should be sufficient to repay the loan.
How to apply for the Flexi Business loan?
If you are applying for the FLEXI BUSINESS loan for the first time, you can access the loan by completing the following steps:
- Submit your bank statement for the account where you receive income, and the FLEXI BUSINESS loan credit line will be automatically calculated through the LendMN app.
- Digitally sign the FLEXI BUSINESS loan agreement.
- Select the loan amount and choose a repayment date once a month.
- Review the loan repayment schedule.
If you continue using your FLEXI BUSINESS loan credit line or wish to increase your loan amount, it will be sufficient to review and confirm the loan repayment schedule and annexes of the agreement each time.
When to repay?
The FLEXI BUSINESS loan allows you to repay once a month on the day you choose, based on the repayment terms you set.
4.1. How to determine the repayment date?
- When you first take out a loan using your FLEXI BUSINESS credit line, you will need to select your monthly repayment date.
- This date will then be included in your loan repayment schedule and confirmed.
4.2. Can the repayment date be changed?
- Please note that once you select your repayment date and start repaying your loan, you cannot change the repayment date until the loan is fully paid off.
4.3. What is a loan repayment schedule?
- A loan repayment schedule contains information about the amount you need to repay, the date of the repayment, and the repayment term, all based on the outstanding balance of the loan you are using.
- Each time you use your FLEXI BUSINESS loan, you will need to review and confirm the repayment schedule.
- Additionally, you can always check your repayment schedule through the LendMN app whenever needed.
How to repay?
5.1. How is the loan repayment amount determined?
- The amount you need to repay once a month is calculated based on the outstanding balance of the FLEXI BUSINESS loan, including the interest accrued based on the duration of use.
- The repayment amount will be outlined in your loan repayment schedule and confirmed. You can review this information anytime through the LendMN app.
5.2. Is it possible to make extra payments?
- Yes, you can choose to make extra payments over the amount specified in the repayment schedule.
- Any extra payments you make will be deducted from your total loan balance. As a result, your loan repayment schedule will be updated.
- You can review this updated schedule anytime through the LendMN app.
5.3. Is it possible to pay off the loan early or in full?
- You have the option to pay off your FLEXI BUSINESS loan early or pay the full amount at any time.
- If you choose to repay the loan 20 days or more before the scheduled repayment date, interest will be calculated up to the day you repay. The remaining balance will be deducted from the principal loan. However, please note that your repayment amount and repayment date for the current month will remain unchanged, and you will still need to follow the repayment schedule as planned. You can always review your repayment schedule via the LendMN app.
Product terms
Loan amount
5,000,000 MNT – 100,000,000 MNT
Loan period
Up to 199 months
Repayment frequency
Once a month
Interest rate
3.31% – 3.80%
| Loan amount | 5,000,000₮ – 100,000,000₮ |
|---|---|
| Loan purpose | Business loan |
| Loan period | Up to 199 months |
| Interest rate (monthly) | 3.31% – 3.80% |
| Overdue interest rate | None |
| Service fee | None |
| Collateral | Not required |
(The publicly declared interest rate is equal to the actual interest rate)
Tutorial video
The tutorial videos you may need
- Sole borrower requirements:
- The borrower must be a citizen of Mongolia and at least 18 years old.
- The borrower must have been engaged in business activities for the past 12 months or longer.
- The borrower must have no overdue loan balance or negative credit history in the credit report.
- Co-borrower requirements:
- The co-borrower must be a company.
- The company must be a limited liability company (LLC) that operates for profit.
- The 100% owner of the company must be the main borrower, and the individual must hold the position of Chief Executive Officer (CEO).
- The company must have no non-performing loans or overdue loan history in the credit report.
- Requirements for loan eligibility calculation:
- The main borrower and co-borrower must submit the bank statements for the accounts where income is received.
- The debt-to-income ratio must be sufficient to ensure the ability to repay the loan.
What is Flexi Business?
The FLEXI BUSINESS loan is a new lending product offered by LendMN, designed to provide you with the opportunity to easily meet your financial needs for investment in your business, attract working capital, and expand your business.
With flexible repayment terms and longer loan durations, this loan allows you to access credit as needed and repay it in multiple installments or use it as a credit line.
One key feature of the FLEXI BUSINESS loan is that as a business owner, you can use the information of your 100% owned company to help determine your loan eligibility. This can make your loan eligibility more robust and may allow you to qualify for a higher loan amount.
You will need to submit the bank statements for the accounts where you and your company receive income, and the FLEXI BUSINESS credit line will be automatically calculated through the LendMN app.
If you already have access to the FLEXI loan product, please note that the FLEXI BUSINESS loan credit line will be shared under the same unified credit line principle. This means that the credit line for both the FLEXI BUSINESS loan and the FLEXI loan will be combined for use.
1.1. What are the key conditions of the FLEXI BUSINESS loan?
- Loan Amount: From 5,000,000 MNT to 100,000,000 MNT
- Base Interest Rate (monthly): 3.80%
1.2. What are the discounted conditions for the FLEXI BUSINESS loan?
During the discounted period, customers can benefit from a reduction in the interest rate for each month they repay their installments on time.
The discounted interest amount will be deducted from the principal loan, potentially reducing both the principal loan amount and the loan term.
Discounted Term: 60 months (calculated from the date the customer takes out the initial loan).
Interest Rate Discount: Up to 13% of the base interest rate.
Discounted Monthly Interest Rate: As low as 3.31%.
- The discounted term lasts for 60 months from the date the customer first takes out the loan. Once this period ends, no further discounts will apply to the remaining loan balance or any new loans, and the loan will continue at the base interest rate.
1.3. What the key features of the FLEXI BUSINESS loan:
- A credit line tailored specifically for you.
- Potential for high loan amounts.
- You can repeatedly use the credit line to take out loans as needed.
- Flexible long-term repayment options available.
- Discounted loan terms.
- Repayment once a month on a date of your choice.
- No loan issuance fees or penalty interest.
Eligibility requirements
2.1. Sole borrower requirements:
- The borrower must be a citizen of Mongolia and at least 18 years old.
- The borrower must have been engaged in business activities for the past 12 months or longer.
- The borrower must have no overdue loan balance or negative credit history in the credit report.
2.2. Co-borrower requirements:
- The co-borrower must be a company.
- The company must be a limited liability company (LLC) that operates for profit.
- The 100% owner of the company must be the main borrower, and the individual must hold the position of Chief Executive Officer (CEO).
- The company must have no non-performing loans or overdue loan history in the credit report.
2.3. Requirements for loan eligibility calculation:
- The main borrower and co-borrower must submit the bank statements for the accounts where income is received.
- The debt-to-income ratio must be sufficient to ensure the ability to repay the loan.
How to sign the Flexi Business loan agreement?
- If you are applying for the FLEXI BUSINESS loan for the first time, you will need to visit the LendMN office in person to sign the FLEXI BUSINESS loan contract. Once the contract is signed, you will be able to receive the loan.
- Please ensure that when signing the contract, you bring the following documents for the co-borrower company:
- Business registration certificate,
- Company charter, and
- Company stamp.
- Address for signing the contract: 1st floor, Suvd Center, Tourist Street, 3rd khoroo, Chingeltei District, Ulaanbaatar, Mongolia
How to get Flexi Business loan?
The FLEXI BUSINESS loan process will be fully digital, and you will be able to receive the loan by transferring it to your bank account or through the LendMN app’s digital wallet.
- Select the loan amount and choose your repayment date once a month.
- Review the loan repayment schedule.
- Digitally confirm the annexes of the FLEXI BUSINESS loan agreement.
If you continue to use your FLEXI BUSINESS credit line or wish to increase your loan amount, it will be sufficient to review and confirm the loan repayment schedule and annexes of the agreement each time.
When to repay?
The FLEXI BUSINESS loan offers a repayment schedule where you can repay once a month on the day you choose.
5.1. How to determine the repayment date?
- When you first take out a loan using your FLEXI BUSINESS credit line, you will need to select your monthly repayment date once.
- The chosen repayment date will be included in your loan repayment schedule and confirmed.
5.2. Can the repayment date be changed?
- Please note that you cannot change the repayment date once it is set, until the loan is fully paid off.
5.3. What is a loan repayment schedule?
Each time you use your FLEXI BUSINESS credit line, the repayment schedule will provide details on the amount you need to repay based on the outstanding balance of the loan and the chosen repayment date.
You will need to review and confirm the loan repayment schedule each time you use your credit line.
This process ensures that you can easily track your loan repayments and stay informed about the terms.
- You can always access the repayment schedule through the LendMN app at any time.
How to repay?
6.1. How is the loan repayment amount determined?
- The amount you need to repay once a month is calculated based on the outstanding balance of your FLEXI BUSINESS loan, including the interest accrued based on the loan duration.
- The repayment amount will be outlined in your loan repayment schedule and confirmed. You can review the repayment amount anytime through the LendMN app.
6.2. Is it possible to make extra payments?
- Yes, you can choose to make extra payments above the amount specified in the repayment schedule.
- Any extra payment you make will be deducted from your total loan balance. As a result, your loan repayment schedule will be updated.
- You can review the updated repayment schedule anytime through the LendMN app.
6.3. Is it possible to pay off the loan early or in full?
You have the option to repay your FLEXI BUSINESS loan early or pay off the full amount at any time.
If you pay the loan 20 or more days before the scheduled repayment date, interest will be calculated up to the day you make the payment, and the remaining balance will be deducted from the principal loan. However, your repayment date and the amount to be repaid for that month will remain unchanged, and you will still need to repay the loan according to the established repayment schedule.
If you repay the loan 1–20 days before the scheduled repayment date, interest will be calculated up to the day you make the payment, and the remaining balance will be deducted from the principal loan. Depending on the amount of the early payment, your repayment amount for that month will either (i) decrease or (ii) become zero, which may update the repayment schedule. You can always check the updated repayment schedule via the LendMN app.
