Hire Purchase
Hire purchase facilities are available for purchase of vehicles, consumer goods, electronic goods, agricultural equipment, etc from authorised dealers under the uab Hire Purchase scheme.
- Up to 70% of the value of the goods to be purchased.
- Repayment period up to 7 years for new vehicles and 3 years for other items.
- Repayment by monthly installment. For purchase of agricultural machinery by farmers, half yearly installments are available.
- Upfront Interest payment on a flat interest rate option also available.
Individuals, company, partnership firm, sole proprietor with permanent source of income.
No security is insisted if applicant purchase goods from authorized dealer approved by uab bank.
For HP loan, if not through the approved dealer from uab bank, additional securities such as; land & building / cash margin etc will be decided according to the repayment capacity of the borrower.
a) Personal Guarantee of one person with income
b) Documents for Borrower & Guarantor
c) Income proof – If employed
d) Income proof – If self employed / Business
b) Documents for Borrower & Guarantor
- Application form
- NRC Copy – Original to verify.
- Recent Passport Size Photo
- Copy of Household Registration Letter
- Recommendation letter from Head of Quarter
c) Income proof – If employed
- Bank statement for last 3 months
- Certificate from Employer
- Pay Slip ( not required , if salary is credited to bank account )
- Copy of Tax Book
d) Income proof – If self employed / Business
- Bank Statement for last 6 months
- Business License/ Company Registration
- DICA extract showing shareholder details
- Previous Year Tax Receipt
- Site visit by bank staff and assessment of business activity
| Interest rate | New Car 10.00% p.a |
|---|---|
| Other 13.00% p.a |
|
| Flat Interest scheme – 8.88% p.a | |
| Service Charges | New Car 1.00% on loan amount |
| Other 1.00% to 3.00% on loan amount |
|
| Early Repayment fees | 3.00% on prepaid amount ( if paid during the first 2 years of loan period) |
| 2.00% on prepaid amount ( if paid during the third year of loan period ) | |
| 1.00% on prepaid amount ( if paid after 3 years of loan period ) |