What is a hire purchase facility?
A hire purchase facility allows you to purchase consumer goods by making an initial down payment and paying the remaining amount in installments over a specified period.
What is the down payment requirement for hire purchase?
The down payment requirement is 30% of the total cost of the goods.
What fees and charges apply to hire purchase?
The fees and charges include an interest rate of 14.5% per annum, a service charge of 1%, and MMCB fees of 12,000 MMK per application.
What are the key benefits of using hire purchase?
Key benefits include easy application from uab’s dealers, quick approval, easy EMI payments through uab pay, and the ability to own high-value consumer goods with an affordable initial down payment.
Can I prepay my hire purchase loan before the end of the tenor?
Yes, prepayment is typically allowed, but specific terms and any potential penalties should be confirmed with the bank.