AYA Bank’s Automobile Hire-Purchase Loan Enables
Customers to Buy Their Dream Cars with the Easiest and Convenient Financial plan
AYA Bank ( Ayeyarwady Bank), a trusted partner for the people of Myanmar has announced that the bank has launched the most convenient automobile hire-purchase loan plan for any Myanmar citizen who is 20 years of age and older with stable and reasonable income.
AYA Bank’s automobile hire-purchase loan is a way to finance buying a new or used car. Customers can pay a deposit and pay off the value of the car in monthly installments, with the loan secured against the car. Firstly, customers need to put down a deposit on the car they want to buy; 30% of the vehicle’s value. The rest of the value of the car will then be paid off in installments over a period up to 5 years.
U Myint Zaw, managing director of AYA Bank said, “In order to develop the lifestyle and social status of our citizens as well as to fulfill their wants and needs, we have partnered up with a series of car dealers who have the most popular brands such as Toyota, Nissan, Ford and Suzuki etc. We also know that customers need lowest interest rates to check the total amount repayable and our interest rate is as low as 8.5% per year. And we make the process very quick and smooth as well.” He added, “If customers want to know their eligible HP loan amount and haven’t decided which car, we as a bank give consultation service as well. To make it easier and more convenient, we also allow a joint application with immediate family members who are older than 55 years old with low income.”
A customer who is interested in this opportunity shall have to apply “In-Principle Loan Approval Letter” at selected AYA Branches to know the estimated eligible loan amount along with basic personal documents such as NRC, household list, original testimonial letter from Ward Administration office, income documents such as salary slip (minimum 3 months), employment confirmation letter, business registration documents, income statement, tax receipts and professional license (e.g. Doctor License and so on) as the loan amount is based on the income and repayment capability of a customer. Then the bank would produce “In-Principle Loan Approval Letter” and authorized car dealers list so that a customer can choose a car at AYA Bank’s authorized dealer showroom by brining and submitting, “In-Principle Loan Approval Letter” and other required documents. A customer will then obtain a final loan approval with car related documents and eventually a car after successful car registration.
The bank has successfully given consultation service and registered several customers at AYA CarsDB Auto Show held at Thuwunnabhumi Event Park in Yangon on 25 Nov (Sat) and 26 Nov (Sun).