A short term purchasing loan that protects buyer and seller

Hire Purchase

Whether it’s a new car, motorcycle or commercial vehicle, finance your next purchase with Yoma Bank Hire Purchase. With a flexible payment schedule, Hire Purchase makes purchases easy and secure for both buyers and sellers.


Features and Benefits

A Hire Purchase is perfect for…*

  • Cars, motorcycles, commercial vehicles
  • Agricultural and construction equipment
  • Medical devices and hospital equipment
  • Factory machinery

*Assets must be purchased from a Yoma Bank authorized dealer


Easy Online Application
Apply for a Hire Purchase loan quickly and easily through Yoma Bank’s convenient online application portal at our authorized dealers, no Yoma Bank branch visit required.


Fees
Down payment
Bank service charges
Minimum 10%* depending on the product
1% to 3% of loan amount*

*Minimum down payment and bank charges vary depending on the specific dealers and products



Interest and Fees


(a) Upfront interest to be collected upon the Hire Purchase loan amount 

Term
Interest with Monthly Repayment
Interest with Quarterly or Semi-Annual Repayment 
1 year
7%
 8%
 2 years 13% 14%
 3 years 
 19% 19%


(b)  Equal Monthly Instalment (EMI), Equal Quarterly Instalment (EQI), Equal Semi-Annually  Instalment (ESAI): Interest rate will be 13% (p.a) upon the Hire Purchase loan amount

Asset
Maximum Term
New Car
5 years
Pre-owned Car
3 years 
New heavy machinery and equipment or agricultural machinery and equipment3 to 5 years 
Pre-owned heavy machinery and equipment or agricultural machinery and equipment 2 years


Repayment Plans
  • Non-agricultural vehicles, machinery and equipment to be repaid monthly
  • Agricultural vehicles, machinery and equipment to be repaid monthly, quarterly or semi-annually  


Insurance
All financed assets must be insured for the duration of the Hire Purchase term if they are roadgoing vehicles or have a value of over 10 million MMK.


Requirements

  • Copy of NRC, with original for verification
  • Copy of Household registration document, with original for verification
  • Original ward recommendation letter (Proof of residence)
  • Original police recommendation letter
  • A personal guarantor might be required and he/she may need to bring the above documents


For more information, feel free to contact our Hire Purchase team by phone at +95 1 9345 955  or +95 1 9345 966 or send an email to [email protected]


Please click here for full terms and conditions.