To facilitate the development of businesses in private sector in Myanmar, KBZ Bank has been granting loans and advances to businesses in various industries such as manufacturing, trading, services, construction, transportation and etc.
Types of Loans
I. Loans
II. Overdrafts
III. Industrial and Agricultural loans
IV. Personal loans (Use Savings and Fixed Deposit Account as collateral or guarantee)
Interest payment and maturity
The interest rate for the ordinary loans, personal loans and overdrafts is 15 % per annum and the interest rate for Industrial/Agricultural loans is 14% per annum. Service charges for any type of loan will add 1% to the interest rate. Normally, the term of the loan is 1 year and you will need to reapply or renew the loan before it matures if you wish to extend the loan for the following term.
Requirements to apply loans
The following items are required to apply any type loans:
I. Businesses
• License for business
• Receipts of revenue tax for last 3 years
• Financial statements for last 3 years
• Photographs of the business sites and securities
• Company Registration ( Form E, Form 6, Form 26)
[if applied by companies]
• Board Of Directors’ Decision to apply for loan
II.Collateral
• Documents concerning the ownership of the property
• Evidences such as grant, map and history of the property
• Photographs of the property
Collateral or Securities
Under the Central Bank regulations, the following collaterals are accepted:
(a) Immovable property
(b) Government bonds/securities
(c) Machinery
(d) Fixed Deposit Passbooks and/or Saving Account Passbooks
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