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  • Hire Purchase Loan

Hire Purchase

  • Application shall be filled in the form prescribed to apply the Hire Purchase. (Download available).
  • A hire purchase is an arrangement whereby a customer acquires an asset by paying an initial installment (min. 30%) and repays the remaining of the cost of the asset over a period of loan tenor in which the customer agrees to pays interest and principle over a number of months.
Contact Us: + 951-371850, + 951-251298



Benefits from Our Hire Purchase Plan

  • Hire purchase plan can be regarded as long-term investment which supports your financial plan just by monthly repayment to the bank.
  • Hire Purchase financing is the new source of fund for your business which can provide financing up to 70% but subject to term & condition.
  • Hire Purchase is less complicated compare to other loans because usually no additional collaterals are required during hire purchase loan application.
  • Hire Purchase plan protect the inflation risk since the payment period is specified and the interest rate for monthly payment is fixed at the beginning of the contract period.
  • One-stop service: you may check the product which you would like to purchase at our dealer’s showroom/websites and proceed to apply Hire Purchase Loan from CB Bank at the same time. (Download available)

Products and Services

  • Car Loan (Used or New car via Car Dealers/Showrooms)
  • Farm Machinery Loan
  • Motor Cycle Loan

Key Features of Hire Purchase

  • Initial Down Payment to the bank- Minimum 30% of the product value
  • Loan Amount- Maximum 70% of the product value
  • Interest rate- 13 % - Amortization Method (or) 9% - Flat Method
  • Loan tenure- Max 5 years
  • Services Charges- Maximum 3% (on loan amount)

Required Documents for Hire Purchase Loan Application

Basic Documentation Requirements Applicant Guarantor
Individual Company Shareholder Individual Company Shareholder
NRC (Copy)
Household Registration (Copy)
A letter from town council to verify address (Within three months, in remark for bank matters)
Testimonial from district police station (Within three months)
Source of Income (Pay Slips for past 3 months)
Bank Statement (at least past 6 months)
Audited Financial Statement (at least past 2 years)
Tax receipt-at least one year (Copy)
MOA,AOA,FORM E,Form VI,Form XXVI
Photos of Business Activities

General Terms and Conditions

  • Applicants/ Guarantors must be Myanmar Citizen.
  • CB Bank may vary the terms and conditions at any time without any notice in accordance with CBM regulations.
  • By submitting a loan application, the applicants must understand that they are providing their personal data for the Bank and disclose it for the purpose of the loan.
  • The deposit (or) ownership to cover the value of goods may need to be given, if necessary.
  • For overdue payments, late fees will be applied.

To find out more, kindly contact CB Bank Hire Purchase Department.

Contact us

Tel 1 : + 951-371850, + 951-251298
E-mail : hirepurchase@cbbank.com.mm
Call Center : 01 231 7770

How To Apply

  • Application should be filled with the form prescribed to apply Hire Purchase.
  • All required documents must be submitted along with the application form.
  • CB Bank will proceed to review for loan approval.
  • First down payment together with service charges shall be paid to the bank upfront by customer.
  • At least one reputable guarantor has to sign the guarantee agreement by acting as a guarantor.

FAQs

Q : What are the different types of interest rates used?
A : We offer both Amortization (13%) and Flat (9%) interest rate based on the types of product and customer requirement.
Q : Does borrower need to insure goods which are financing under Hire Purchase agreement?
A : Yes, borrower will need to apply insurance for the goods which are bought through our Hire Purchase Plan in order to mitigate the risk.