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What is Agriculture Hire Purchase?

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.

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Special Benefit

  • 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.

Terms and Conditions

  • 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.

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Fees And Charges

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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)
Basic documents required

Required Documents

Applicant

  • 2 passportphotos
  • NRC (copy).
  • Household List (copy).
  • Ward Certificate (dated within a month)(original).
  • Police Report (dated within a month)(original).
  • Farm Form (7/105) for a minimum of 10 acres under the name of applicant.

Guarantor

  • 2 photos (passport size)
  • NRC (copy)
  • Household List (copy)
  • Ward Certificate (dated within a month) (original)
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How To Apply

01
Customer interested to purchase the machines with installment plan visits Agricultural Machinery Companies linked with Myanmar Citizens Bank and makes inquiries.
02
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.
03
Customer provides initial deposit into Current A/C upon the complete analysis of necessary documents by the bank.
Find answers

Frequently Asked Questions

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.
Downloadable Files

Locations/Addresses of Linked Dealers

Access the list in PDF Format.