Hire Purchase

Product Information

How it Works:

• Low Entry Cost: Start with a convenient down payment (usually 30%).

• Immediate Use: Take the product home or start using it for your business right away.

• Fixed Monthly Payments: Pay the remaining balance in affordable monthly installments over a fixed period (1–5 years).

• Full Ownership: Once the final installment is paid, legal ownership is officially transferred to you.

Required Documents for Hire Purchase

1. General Documents (All Applicants)

• Identification: Copy of NRC (National Registration Card).

• Residency: Copy of Household List.

• Ward Recommendation: Original letter from the Ward Administration Office (issued within 1 month).

• Photos: 3 recent passport-sized color photos.

2. Proof of Income (By Category)

For Salaried Employees:

• Employment Letter: Official recommendation letter from your current company/employer.

• Salary Record: Pay slips for the last 3 to 6 months.

• Bank Statement: Last 6 months of bank statements showing salary deposits.

For Business Owners:

• Business License: Copy of a valid Business License or City Development Committee Permit.

• Financial Records: Last 6 to 12 months of bank statements and income records.

• Photos: Photos of the business location and current stock/operations.

For Companies:

• Legal Documents: Company Registration (MyCo Extract) and Memorandum of Association.

• Board Resolution: Meeting minutes showing the Board of Directors' approval for the loan.

• Tax Records: Income tax payment receipts for the last 2 years.

3. Guarantor Documents

• Copy of NRC and Household List of the Guarantor.

• Proof of income/employment for the Guarantor.

Shops Available for Installment at Yadanarbon Bank

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