Frequent deposits/withdrawals shall be made when having Overdraft Loan. Typical term of the loan is 1 year and interests shall be paid monthly or quarterly. The entrepreneurs’ loan account shall be cleared at least for 2 weeks when the loan term is over after 1 year in accord with CBM’s instruction.
Projected business and plan shall be submitted in applying for Pledge loan.
Descriptions on age of the entrepreneur, any successors, years of business experience, share, annual profit and details of the business.
Requirements
Grant, Map and History of Property
Documents on the ownership of properties/ previous contracts up to 3 ownerships
NRC
Household List
Receipts of revenue tax
Business License, Receipts of profit,trade and municipal taxes(original & copy),Profit and Loss (for the last 3 years) and photo of business
Photos (front,back,left and right) of land and building given as collateral.This must be submitted with bank’s designed application form.
If company,application letter in company letterhead,Meeting Resolution and DICA Registration.
Rates
Interest rate is 10% per annum for every MMK 100. Interest shall be paid monthly or quarterly. For late interest payment, it shall be 14% and 2% shall be charged for late capital repayment.
