Mongolia reduces pension loan interest rate www.news.mn
Starting from yesterday (16 January), pensioners will be able to take out one-year loans at an interest rate of 12 percent. The loan amount will be equal to up to 70 percent of the pension of the borrower.
The Government decided to cut the pension loan interest rate in 2017. Previously Khan Bank and the State Bank had been offering pensioners six-month loans with 15 percent rates.
Out of the 381.8 thousand people that are currently receiving pensions, 230.8 thousand have taken loans worth MNT 680.9 billion at a rate of 18 percent to be paid over 36 months.