Loan

Student development loan of Education Loan Fund is purposed to increase the possibility of students to study at higher education institutions and to improve quality and competitiveness of higher education institutions. Students apply for this loan with commercial banks of Mongolia.

Loan Type

Short term loan Long term loan Refinance loan

Description

Dedicated to finance tuition fee of an academic year.
Dedicated to finance tuition fee of academic years of an undergraduate program.
 
Dedicated to refinance salary or pension loan by the amount used for tuition fee payment.
 

Annual interest rate    

5% 5% 5%

Amount

Tuition fee of an academic year. Tuition fee invoice for one semester. The total loan amount shall not exceed the particular undergraduate program. Student tuition fee is paid from salary/pension loan.

Term

For one semester, the term will be till the next semester. For one academic year, the term will be up to 12 months.
Up to 120 months. For one semester, the term will be up to 6 months. For one academic year, the term will be up to 12 months.

Commission fee

0 ₮ 0 ₮ 0 ₮

Application fee

0 ₮ 0 ₮ 0 ₮
 
 
Requirements for eligibility:
The main applicant for the loan shall be a student, and the co-applicant shall be a family member of the student.
 
For student:
  • Students from accredited universities which have made agreement with Commercial Banks on “Student Development Loan” program;
  • To be above 18 years old;
  • To be registered in Education Database;
  • To be enrolled in a full-time undergraduate program;
  • Transcript of records and for freshmen, the entrance exam scores shall be above minimum scores.

For co-applicant:
  • Must have stable employment for at least 6 months or business activities for at least 12 months;
  • Must be a family member of the student.

Required documents:
  • Application form;
  • §х4 sized photo;
  • Tuition fee invoice for the short and long term loans (original copy). Receipt of tuition fee payment for the refinance Loan;
  • Notarized copy of the citizen’s identity card of main applicant and co-applicant;
  • Notarized copy of student ID card. For freshman, a certificate of enrollment to an accredited university;
  • Statement from university;
  • Transcript of records. For freshman, a certificate of general entrance exam score;
  • Proof of family relationship /birth certificate or state registration reference/;
  • Social insurance book and its copy;
  • Salary reference;
  • Business related documents for business entrepreneurs;
  • Other required documents.