Mongolia - Guidance To Apply Student Loan

ProcedureEdit

Student Loan - Banks:

The student or the student's parent/guardian/relative may apply for the loan. Gather all documents you may need to present or submit to the bank.
Applicants may be asked by the bank to secure their loan with a collateral, this is in case the borrowers income is partially confirmed. If the borrowers income is fully confirmed no collateral is required.
Complete an application, make sure that you have provided all the required information in the form. Most forms can be downloaded from the bank's website.
Submitting an application:
1. In person: Most loan applications are done in person, with the applicant or his/her guardian going to the bank, you may set up an appointment with the bank by giving them a ring. Submit the completed application form along with other required documents. Note: Banks may ask you to submit additional documents aside from the ones listed on the 'Required documents' section. It will be better if you can get in touch with the bank's representative/lending officer/customer service by phone first before you go to bank's branch. They can give you a checklist of required documents, answer some of your queries and direct you to the nearest branch of the bank in your area.
2. Online: To save you some time, you may also check if you can start your loan application online. Some banks will ask applicants to complete a preliminary application to be submitted electronically, with some of the required documents sent via email. After reviewing the application, a lending officer will contact you to discuss your application.
Once your application is approved, the bank will ask you or your parent/guardian/relative to sign the loan agreement. Note: Read the loan agreement carefully before you sign, take note of the interest rate, grace period, when you will start repaying the loan and any penalties in case of default.

Required DocumentsEdit

Some of the documents that a bank might ask applicants to submit or present:

Identity document of the Borrower
Employee reference letter stating monthly salary amount, social insurance book copy;
Residential reference
Other documents proving the applicant is intending to study (reference, agreement, invoice, etc.);

Note: The bank may ask you to present additional documents, check the bank's website first before going to their branch office to apply for a loan.

Office Locations & ContactsEdit

Please list down the office locations that can be approached for applying. External links can also be used specifying office locations.

EligibilityEdit

Some banks in Mongolia offering student loans requires that applicants:

Be a citizen of Mongolia.
For the students who would like to study or studying abroad: The borrower must be a close relative of the student residing in Mongolia.
For students who will be studying or enrolled in secondary schools, borrowers need to be parents.
Must not have any outstanding loan obligations with other banks and non-banking financial institutions
Have work experience of at least 12 months, documents /social insurance book/ confirming the borrower's income

Applicants may also be required by the banks to present proof that they are solvent:

Monthly loan and interest rate repayment must not exceed the 50% of the average monthly income of the borrower
Some banks may accept all types of borrowers income /wage and other consistent income.

Eligibility criteria may vary per bank.

FeesEdit

Explain the fees structure which is required for obtaining the certificate/document.

ValidityEdit

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to UseEdit

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Sample DocumentsEdit

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Processing TimeEdit

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InstructionsEdit

Student Loans - Banks:

Borrowers may apply for bank student loan services through their school. It may be helpful if you can ask your university/college if they offer any loans to students or if they have partnered with any banks that offers student financing.

Collateral:

If the borrowers income is fully confirmed no collateral is required.
If the borrowers income is partially confirmed some banks may require applicants to present a collateral or guarantee.

Interest rate:

Some banks base the loan's interest rate by looking at the borrower's credit history.

Before applying for a student loan:

Make sure that you can present and submit all the required documents that the bank is asking for.
Take note of the interest rate, conditions, and repayment scheme that the bank is offering. Look into several banks and do some research regarding the banks application process.
You might also need to consider the bank's customer service before you apply for a loan, since student loans are usually long term, it will make transactions easier and can spare you from a lot of headache in the future if your bank has good and accommodating bank representatives or loan officers.
Loan amount: You may not need to accept the entire amount of the loan the bank is offering you. Remember that what you are getting is not a grant but a loan, meaning you will need to pay back everything plus interest sometime in the future.

Required InformationEdit

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or County of Birth.

Need for the DocumentEdit

Some banks in Mongolia offers student loans that can be used to pay for school related expenses like tuition fees, travel, accommodation and daily expenses.

Student loan schemes are designed to make the student's academic life easier with its interest rate substantially lower than other personal loans offered by the bank and repaying the loan may be deferred while the student is still in school.

Here is a guide that can help students apply for student/education finance in Mongolia.

Information which might helpEdit

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External LinksEdit

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OthersEdit

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