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Overdraft & Loan

Overdraft & Loan

Company Loan

The bank offers loans to companies which are in need of funds for expansion. When applying for loans, companies must

  • Offer fixed asset collateral and
  • Include in the application Form E, Form 6, Form 26, Company Registration, Board of Director Resolution, Memorandum of Association, and Articles of Association. The company also needs to submit tax report and profit and loss reports.
Loan interest rate 12% per annum
Loan interest payment Once every 3 months

Personal Loan

The bank offers loans to personal businesses which are in need of additional funds. When applying for loans, personal businesses must

  • Offer fixed asset collateral and
  • Submit tax report and profit and loss report.
Loan interest rate 12% per annum
Loan interest payment Once every 3 months

Overdraft

Holders of current accounts can withdraw an amount of money that is more than the amount deposited in the current account. The overdraft amount is predetermined by the bank.

Loan interest rate 12% per annum (charged on overdraft amount)
Loan service charges 1% per annum
Loan interest payment Once in every 3 months

Account Pledge

Customers of MAB who own Savings and Fixed Deposit accounts at the bank can apply for loans at the bank when they are in need of urgent cash.

Loan interest rate 13% per annum
Loan interest payment Once every 3 months

Gold Pledge

The bank offer gold-secured loans where borrowers offer gold as collateral.

Loan interest rate 13% per annum
Loan interest payment Once every 3 months

Hire Purchase

When customers cannot make downright payments for items that they wish to buy, they can use the bank’s hire purchase loan. They pay for a proportion of the price and the bank pays for the rest of the amount. The customer repays the bank through installments which span for periods of up to three years.

1 Year Plan 2 Years Plan 3 Years Plan
Down Payment 30% 20% 20%
Interest Rate 9.5% 14.5% 19.5%
Service charges 1% 1% 1%
Payment Order fees 500 Kyats 500 Kyats 500 Kyats
Total Initial Payment (40.5%+500) kyats (35.5%+500) kyats (40.5%+500) kyats

Auto Finance

1 Year Plan 2 Years Plan 3 Years Plan
Down Payment 30% 20% 20%
Interest Rate 13% 13% 13%
Service charges 1% 1% 1%
Payment Order fees 500 Kyats 500 Kyats 500 Kyats
Total Initial Payment (31%+500) kyats (21%+500) kyats (21%+500) kyats

SME Loans

Small and medium enterprises can apply for loans when they need funds for manufacturing facilities and new machinery. When applying for loans, SMEs must

  • Offer fixed assets and/or current assets and
  • Submit tax report and profit and loss report.
  • The interest rate is 8.5% per annuum.
  • The interest and repayment must be made every 3 months.