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What is Automobile Hire Purchase?

Automobile Hire Purchase is one of the pruduct for customers who want to pruchase cars with installment plan. MCB provide financing all types of brand new automobiles such as Ford, Land Rover, Jaguar, Range Rover, KIA, Peugeot, Chevrolet, Suzuki, Toyota, Hyundai and Nissan as well as used cars and China Brand New cars (BAIC, Changhe, Jetour, Southeast, Borgward, etc) through Hire Purchase Scheme in relation with over (50) companies for our customers’ convenient purchase.

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Special Benefit

  • Purchase Auto loan with 40% down payment of total value for 5 years (selective brands and models) installment.
  • Purchase Auto loan with 30% down payment of total value for 7 years (selective brands and models) installment.
  • Monthly fixed installments
  • Many range of automobile brands and types are available at dealer linked with MCB.

Terms and Conditions

Applicant

  • Applicant must be the citizen of Myanmar and holder of NRC and rage of age between 25 to 60 years old.
  • If salary employed individual, applicant should be employed at a current organization at least for the last 3 years and if self-employed individual, the business should have been in operations for 3 years and above.
  • Monthly installment should be one third of applicant’s income.
Basic documents required

Required Documents

Interest Rate and Service Fees

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Account Open fee
MMK 1,000.
Document fee
MMK 3,000.
Stamp fee
MMK 10,000.
Commission fee
Buyer(1%) and Seller (1%) (one time upfront)
Interest Rate
10% per annum (EMI Method)

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How To Apply

01
Customer interested to purchase the automobile with installment plan visits the car showrooms of dealers linked with Myanmar Citizens Bank and make inquiries.
02
Customer makes contract with necessary documents and opens Current A/C as Myanmar Citizens Bank after choosing his/her preferred car.
03
Customer provides initial deposit into Current A/C upon the complete analysis of necessary documents by the bank.
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Product Features

There are 2 types of automobile hire purchase loans: Loan on Brand New Car and Loan on Used car.

MCB Bank allows you to purchase your vehicle of choice. You can choose from a wide selection of used and brand new cars 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.
Downloadable Files

Locations/Addresses of Linked Dealers

Access the list in PDF Format.