Better Salary Loan

The applicant must submit the Better Salary Loan Online Application Form to get the loan and this form can be received by scanning the QR Code or via the link or MAB Website.

Every employee who receives monthly salary via MAB Payroll Service is eligible to apply for Better Salary Advance. In addition, the employee who applies for Better Salary Advance

• Must have earned at least (6) months’ salary through MAB Payroll Service.
• Minimum salary must be (3) lakh.
• Must not have a record of loan delay and blacklist in MAB.
• Must not be in the blacklist of Myanmar Credit Bureau Report.

• National Identity Card (Original)
• Household Registration (Original)
• Recommendation Letter with Company Letterhead (including Year of Employment, Position and Exact salary)

The loan amount can be up to the double of the applicant’s current salary. (Maximum 50 Lakhs)

Customer can choose Loan term 2 months, 3 months, 4 months, 5 months and 6 months etc.

• Interest Rate – 14.5% per annum
• Application fee – 10,000 kyats

(The application fee must be paid whether the application is approved or rejected.)

After receiving the Better Salary Loan, the amount calculated by adding the loan amount and the interest rate which is called the EMI (Interest plus Installment) must be paid in monthly installments according to the loan term of the applicant.

The first payment date depends on the successful loan date. If the applicant received the loan within the first 15 days of the month, the first payment must be at the end of the month, and the payable date for the loan within 16^th to 30^th, 31^st of the month will be at the end of the next month. The amount to be paid will be automatically deducted from the salary account mentioned in the loan application.

Early repayment can be proceeded through MAB branches and the Early Repayment Fee is not needed to be paid.

If the money is not received in the salary list filled in the loan application on the due date, a specified interest rate of 14.5% (per year) as well as 1.5% (per year) of the default amount (interest + principal) will be charged as a default fee.

After applying for Better Salary Loan, the loan will be approved within 2-3 working days.

One guarantor is required.

After receiving the Better Salary loan amount, the loan amount and loan tenor cannot be increased.

Once the bank checks the loan application, an SMS will be sent out to the applicant’s phone number that the loan is approved or rejected. After receiving the loan approval SMS, the applicant needs to go to the nearest branch where he/she chose in the application and receive the loan.

Better Salary Loan applicants can check the loan balance and repayment schedule on MAB iBanking.

Yes, every applicant who applied once and had paid full repayment can apply again.

You can directly contact to MAB Call Center Number (+95)18610612.