In order to support legal entities and individuals involved in the services of passenger transportation (taxi), cargo transportation, special equipment for commercial purposes, OJSC MCC "Entrepreneurship Development Fund" has developed a loan product "Business Auto", designed specifically to provide loans from 100,000 to 5,000,000 soms. This loan product will be intended for the purchase of cars, trucks and special vehicles.
| Target Group |
Private and individual entrepreneurs, legal entities |
| Lending currency |
Kyrgyzstan Soms |
| Requirements for the borrower |
A potential borrower must:
- Be a resident of the Kyrgyz Republic;
- The presence of a patent valid at the time of filing an application / IP registration certificate.
|
| Purpose |
Purchase of cars, trucks and special equipment to support small and medium-sized businesses |
|
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- Purchasing a passenger car from 100,000 to 1,000,000 soms
- Purchase of cargo and special equipment from 1,000,000 soms to 5,000,000 soms
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- Purchase of a passenger car from 100,000 to 1,000,000 soms - 22%
- Purchase of trucks and special equipment from 1,000,000 soms to 5,000,000 soms - 18%
|
| Annual effective interest rate |
from 19.56% |
| Lending term provided |
up to 60 months |
| Granting a grace period for repayment of the principal amount of the loan (vacation) |
No grace period |
| Loan repayment terms |
On a monthly basis:
- annuity payments;
- differentiated graph.
|
| Loan early repayment |
Early repayment of the loan is allowed without penalty |
| Collateral |
Type of collateral |
Percentage collateral |
| KGS 100,000 – 500,000 |
Movable property (vehicles) and/or real estate (residential and non-residential premises, land plots, etc.) |
At least 130%
(collateral structure available)
|
| KGS 501,000 – 5,000,000 |
Real estate (residential and non-residential premises, land plots, etc.)
Movable property (vehicles)
|
At least 130%
(collateral structure available)
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Mandatory compliance with the Company's Collateral Policy and collateral coverage of at least 130% of the loan amount |
| Design review |
The following project reviews are provided:
- Check in CIB;
- Financial analysis;
- Collateral analysis (for real estate, vehicles and equipment);
- Legal analysis
|
| Constraints |
- When lending to the service or production sector, it is allowed to issue a loan in an amount exceeding the amount of equity capital;
- The recommended installment coverage ratio (the ratio of the balance of net profit after payment of the loan installment to the net profit in the income statement) should be at least 20%
The terms of the credit limit in exceptional cases may be changed (in such cases, the decision is made individually at the discretion of the Credit Committee)
|
| List of required documents |
For private and individual entrepreneurs:
- Copies of identity documents (passport) of the Borrower/Pledgor/Guarantor and spouses;
- A copy of the patent/certificate of state registration (re-registration) as an individual exercising individual business entrepreneurial activities without forming a legal entity;
- Certificate of the absence (presence) of debt from the tax authority in the implementation of entrepreneurial activities on the certificate;
- Other documents that are necessary, including for assessing the solvency of the borrower (contracts, agreements, etc.)
- Notarized consent of the spouse of the borrower to receive a loan or a statement of marital status.
For a legal entity:
- A copy of the document certifying the authority of the head of the legal entity to dispose of the funds of the legal entity;
- Notarized cards with sample signatures of persons authorized to sign;
- Copies of constituent documents;
- Copies of the certificate of state registration (re-registration) of a legal entity;
- Copy of the registration card issued by the tax authority;
- Certificate of the absence (presence) of debt from the tax and social authority;
- Other documents that are necessary, including for assessing the solvency of the borrower (contracts, agreements, etc.)
For collateral, when pledging real estate:
- Originals of title documents for collateral;
- Technical passport (inventory file);
- Certificate from the authorized state body on the absence of a prohibition on the alienation of the property offered as a pledge;
- Certificate from the authorized state bodies about the residents registered at the time of privatization (in the case of a privatized apartment / residential building);
- Notarized consent of the pledgor's spouse to a bond or statement of marital status.
For collateral, in case of pledge of movable property:
- For a vehicle offered as a pledge, a document is a technical passport issued by an authorized state body, issued to the pledger;
- Certificate from the authorized state body on the absence of a prohibition on the alienation of the property offered as a pledge;
- Consent of the pledger's spouse to a bond or statement of marital status without notarization
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