Gerel 1.1.0

Gerel Privacy Policy

Gerel application is an AI and fintech-based product of “Gerel finance NBFI” LLC offering online loans. Established in May 2014, “Gerel finance NBFI” LLC obtained its non-banking financial service license under Decree No. 101/468 of the Financial Regulatory Commission of Mongolia on April 22, 2015. Since its inception, the organization has consistently provided microcredit services in Mongolia.

Gerel application operates within the bounds of Mongolian laws and regulations, offering online loans and requiring users to register with a verified phone number, national identification number, and first and last name.

Privacy Policy: We are dedicated to complying with local Mongolian regulations and laws, ensuring the secure handling of private information. Furthermore, we adhere to standards set by the Anti-Money Laundering Commission and National Data Privacy Commission. Our forthcoming goal is to implement ISO/IEC 27001:2013 - Information Security Management Systems within our organization by 2022. Gerel services are exclusively available in Mongolia.

Loan Application Process: Upon downloading the application from the App Store and completing registration using valid information, customers undergo credit scoring through our AI system and the Centralized Loan Database of the Bank of Mongolia. This process prevents individuals from obtaining multiple loans that could lead to repayment difficulties. Following credit scoring assessment and signing of the Loan Agreement, customers can receive funds directly into their bank account without additional prerequisites.

• Loan Details:
• Loan Amount: MNT 50,000 – MNT 3,000,000
• Service Fee: 0 MNT
• APR: 0% - 34.8%
• Credit Line Period: Minimum 3 months; Maximum 24 months

Loan Repayment Process: Customers can repay their loans at any time. Our system notifies borrowers of repayment due dates through SMS messages, emails, notifications on the Gerel App, and calls from our customer service team. Repayment can be made through local bank applications, branches, and ATMs. Timely repayments allow customers to increase loan amounts, reduce fees, and earn bonus points.

Bonus Points: Customers can accumulate bonus points by timely loan repayments and other activities to enhance their loan amount and reduce rates.

• Ways to Earn Bonus Points:
• Repay the loan on time: +50 points
• Read daily news: +15 points
• Other activities

Example for a 90-day loan with a principal amount of 100,000 MNT:

• Loan Amount: 100,000 MNT
• Equal Repayment: 35,290 MNT
• Interest Rate: 2.9%
• Interest: 5,290 MNT
• Total Amount Payable: 105,871 MNT

• Customer Service: +976-77174545
• E-mail: [email protected]
• Facebook: @lightfinance
• Address: 12th floor, MN Tower, Tusgaar Togtnoliin Talbai Street, Chingeltei District, Ulaanbaatar, Mongolia