Apply Services Online iBanking Login

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.

Related Products
We help customers achieve more.

Special Benefit

  • Purchase automobile with 30% down payment of total value for (3)years installment.
  • Purchase automobile with 20% down payment of total value for (5)years 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.

Loan Calculator

Get the right loan amount at the right rates!

Caculate Now!

Interest Rate and Service Fees

Table Header Table Header
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)
Basic documents required

Required Documents

Applicant

  • 2 passportphotos
  • NRC(copy)
  • Household List(copy)
  • Original testimonial Letter from ward administration (dated within one month)
  • If salary employed, Company recommendation (with company Letter Head) and pay slip for the last (3) months.
  • If self-employed, DICA Registration (Copy) (OR) Company Registration, From(E, 6, 26), MOA & AOA(Copy)
  • If self-employed, Updated Business License (Copy)
  • Financial Statement (for the last 1 or 3 years)
  • Income Tax and Commercial Tax (for the last 1 or 3 years)
  • Company Meeting Minutes (with company Letter Head)
  • Bank Statement (for the last 3 or 6 months)

Guarantor

  • 2 photos (passport size)
  • NRC (copy)
  • Household List (copy)
  • Original testimonial Letter from ward administration (dated within one month)
  • Note – Guarantor should have the same/higher salary or be in the same/higher position as/than the applicant.
Explore And Apply Now

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.
Find answers

Frequently Asked Questions

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.