EXCHANGE RATES 12/14/2018
USD BUY 1540 SELL 1555
SGD BUY 1120 SELL 1140
THB BUY 45 SELL 47
EUR BUY 1700 SELL 1750
EXCHANGE RATES     12/14/2018
USD BUY 1540 SELL 1555
SGD BUY 1120 SELL 1140
EUR BUY 1700 SELL 1750
THB BUY 45 SELL 47

Hire purchase

Hire Purchase is a service provided by KBZ Bank for our account holders, SME Business owners and Organizations alike to pay for goods in installations over a period of time with a required down payment of 30-50 percent.

Eligibility

This service is eligible for individuals or organizations to hire purchase products/items by paying only 30% – 50% (down payment) initially and paying the remainder (depending on the product/item) throughout a period fixed by the bank.
The credit terms differ depending on goods purchased.

Products/Items eligible for Hire Purchase

  • Condominiums
  • Computers and electronics
  • Cell phones and other communication devices
  • Automobiles and motorbikes
  • Heavy machinery
  • Agricultural tractor and machinery
  • Gold and jewelry
  • Furniture
  • Medical equipment

Down Payment

30-50%

of product’s total cost

Service Charges

1%

of product’s total cost

Rental Fees

  • 9%

    (Year 1)

  • 5%

    (Year 2)

  • 5%

    (Year 3)

  • 5%

    (Year 4)

  • 5%

    (Year 5)

Percentage of the 50% to 70% the bank loaned

Sample Calculation for Hire Purchase (For 30% Down Payment – 1 year)

Product Cost

10,000,000 x 30% = 3,000,000

Service Charges

10,000,000 x 1% = 100,000

Rental Fees for 1st year

7,000,000 x 9% = 630,000

Initial Payment to bank

3,730,000 MMK

Monthly Payment

583333.33 MMK

Required Documents

  • Bill or receipt of product purchase
  • NRC card (Need to show original)
  • Household chart (Form 66/6)
  • Local Authoritative Recommendation
  • Local Authoritative Recommendation

Police Station Recommendation
Guarantor
Fire Insurance (For Condominium/Flat Buyers)
All in Insurance (For Car/Machinery Buyers)
Purchase Contract, Owner Book, etc. (If payment is cleared, all documents will be issued back)

Want to open this account?

Contact us today

Call us now

and speak to one of our advisors

(+95) 1-538075

Apply in branch

Find your nearest KBZ branch and
come and talk to one of our advisors in person

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