AYA Auto Loan 1

November 23, 2017

AYA Auto Loan 1

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“GET THE CAR YOU REALLY, REALLY WANT.”

AYA Bank Auto Loan is where AYA assists customers to purchase a vehicle of choice. Without the constraint of paying the entire car price in 1 lump sum basis, AYA aims to provide an installment plan for the customer, at the same time customer is able to use the vehicle accordingly.

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I’m looking for a used car

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I want a new car

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Drive your dream car

Why choose AYA Auto Loan?

  • Minimum Down Payment as low as 30%
  • Quick and Smooth Process
  • Fixed Monthly Installment Plan
  • Loan tenor up to 5 years
  • Variety choices of auto cars & authorized dealers

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Minimum Down Payment 30%

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Fixed Monthly Installment

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Loan Tenor Up to 5years

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Quick and Smooth Process

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Convenience – apply at any AYA Branches

Any Myanmar Citizen with stable and reasonable income who is not younger than 20 years old and not older than 55 years at the point of loan application. Joint applicant is allowed (only immediate family members) for those who are older than 55 years old with low income. Documents which reveal accurate information of above factors are needed to provide at the point of application such as NRC, Household list, Income statement or Salary slip.

Process

Option 1 (Brand New Car Only)

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You can make an initial enquiry at any AYA branches via phone or in person.

Then, visit selective AYA Branches to receive“In-principle Loan Approval” which contains the eligible HP loan amount.

STEP-1 Apply “In-principle loan approval letter” at selected AYA Branches
You may apply “In-principle loan approval letter” to know your estimated eligible loan amount at the selected AYA Branches along with the following documents.

  • Basic Personal Documents
  • Income Documents

STEP-2 Get “In-Principle Loan Approval Letter”
You will receive “In-Principle Loan Approval Letter” and authorized Car dealers list, and your loan amount will be based on your income and repayment capability.

STEP-3 Choose your Car and Submit
To choose your dream car at AYA authorized dealer showroom, bring and submit original “In-Principle Loan Approval Letter” and other required documents, then sign the “Sales and Purchase agreement”.

  • Basic Personal Documents
  • Income Documents
  • Car Related Documents

STEP-4 Get your Dream Car
You will obtain final loan approval from AYA Bank and receive car from the dealer after successful car registration.

Basic Personal Documents

  • NRC
  • Household List
  • Original Testimonial Letter from Ward Administration Office

Income Documents

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  • Salary Slip (minimum 3 months)
  • Employment Confirmation Letter
  • Bank Statement (minimum 3 months)
  • Professional License (such as Doctor License, Seaman’s CDC)

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  • Business or Company Registration Documents
  • Income/ Financial Statement (Operating Account)
  • Tax Receipts

Car Related Documents

  • In-Principle Loan Approval Letter
  • Sales and Purchase Agreement
  • Bill of Lading and Import Declaration (if applicable)
  • Owner Book and Premium Book (if applicable)
  • Wheel Tax (if applicable)
  • Car Photos

Option 2 (Brand New or Used Car)

  • Alternatively, you can go directly to any Bank’s dealer and choose your car and prepared for necessary documents which will be advised by such dealer.
  • Fill in Hire Purchase Application Form and submit the necessary documents at selected AYA branches or dealer counter.

Check your loan eligibility now!

To know your estimated loan eligibility amount, please enter the following link to calculate https://autocalc.ayabank.com

Types of carDown PaymentTenor Interest Rate
New CarMinimum 30%Maximum 5 Years9% (1 year)(Flat Method)
8.5% (above 1 year)(Flat Method)
13% (1 year)(Amortization)
Used CarMinimum 30%Maximum 2 Years9% (1 year)( Flat Method)
8.5% (above 1 year)(Flat Method)
13% (1 year)(Amortization)
Service Charges 1% (on rental fee)
PO Commission0.1% (on car price)
Early Repayment Fees4% (on prepaid principal)
Late Fees or Penalty Fees3% (on due amount)
Loan Application Fees No charges

Terms and Conditions

  • It is required to fulfill the requirement of making minimum down payment 30%, service charges and other applicable fees related to bank’s facilities before receiving the car.
  • Bank shall approve the final loan amount based on the selling price mentioned on the Sales and Purchase agreement. Any other additional costs (i.e. Registration of vehicle at KaNyaNa and etc.) will not be financed by the bank.

The due date of the Auto Loan is the disbursement date of the following month. Upon successful approval, the branch will inform you on the due date. AYA Bank provides multiple channels for loan repayment:

  • AYA Branch (during banking hours)
  • AYA ATM (AYA MPU Cards only)
  • AYA mBanking
  • AYA iBanking

Purchase your vehicle of choice. You can choose from a wide selection of used and brand new cars from our list of authorized dealers.

aya copy

CHEVROLET

BMW-copy

BMW

Ford-copy

FORD

JAGUAR

JAGUAR

KIA

KIA

Land-Rover

LAND ROVER

Mazda

MAZDA

Mercedes-benz

MERCEDES BENZ

Misubishi

MITSUBISHI

Nissan

NISSAN

TOYOTA-copy

TOYOTA