AGR Hire Purchase is the product for customers who want to purchase farm machines with installment plan.
Myanmar Citizens Bank Ltd. provides convenient financing of all types of farm machinery such as four-wheel tractors, harvesters, tillers, cultivator and tri-motorcycles through hire purchase scheme in relation with over 20 companies to expand the customers’ businesses with rapid growth.
Purchase an asset with minimum 20% down payment of the value.
Monthly equated installments during 1 to 3 years of tenor.
Broad range of farm machinery to meet the needs.
Applicant must be the citizen of Myanmar and hold NRC.
Applicant must be between 20 to 60 years of age.
Applicant must actually do farm work and owns farm.
Each installment should be half of the seasonal income of applicant as maximum.
|Account Opening Fee||1,000 /-|
|Document Processing Fee||3,000 /-|
|Stamp Duty||3,000 /-|
|Commission Fees-For 1 Year Tenor||Buyer 1%, Seller 1% (Upfront)|
For (2,3) Years Tenor
Buyer 1%, Seller 1% (Upfront) 1st Year
Buyer 2% on remaining Loan Balance (2nd,3rd Year)
|Interest Rate-For 1 Year Tenor||10% (Upfront)|
For 2,3 year Tenor
9.5%, 11% (Upfront annually/semi-annually)
|Interest Rate-For 2 Year Tenor||(9.5%) Upfront Method(Semi-annually)|
|Interest Rate-For 3 Year Tenor||(11%) Upfront Method(Semi-annually)/ Arrear Method(Semi-annually)|
Customer interested to purchase the machines with installment plan visits Agricultural Machinery Companies linked with Myanmar Citizens Bank and makes inquiries.
Customer makes contract with necessary documents and opens Current A/C / Savings Deposit A/C at Myanmar Citizens Bank after choosing his/her preferred machine.
Customer provides initial deposit into Current A/C upon the complete analysis of necessary documents by the bank.
MCB Bank allows you to purchase your vehicle of choice. You can choose from a wide selection of all types of farm machinery such as four-wheel tractors, harvesters, tillers, cultivator and tri-motorcycles from our list of authorized dealers.
Upon submission of complete documents, you will be informed of the results within 1 week of submission.
1.Customer interested to purchase the automobile with installment plan visits the car showrooms of dealers linked with Myanmar Citizens Bank and make inquiries.
2.Customer makes contract with necessary documents and opens Current A/C at Myanmar Citizens Bank after choosing his/her preferred car.
3.Customer provides initial deposit into Current A/C upon the complete analysis of necessary documents by the bank.