Corporate Salary Loan
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MD bank provides a corporate salary loan for employees to support financial assistance in need. It could be used for various purposes (such as for welfare and education expenses, or medical expenses contribute to additional social costs, etc.)
Our offered loan will include for government employees working in respective ministries under the Government of the Republic of the Union of Myanmar but will not be limited to other private or public company employees incorporated in Myanmar. We would encourage the corporation and its employees to use our payroll services when setting up this loan scheme.
Features
| Loan Amount | The loan amount is up to 10 times the employee’s basic salary. However, a maximum amount of not more than MMK 10 million Kyats will be allowed |
| Loan repayment period | Up to two years |
| Loan repayment method | Equal monthly instalment (EMI) |
| Eligible to apply for following minimum salary earners | (i) Govt employees : MMK 100,000 and above (ii) Other company employees: MMK- 250,000 and above |
| Age of Borrower | Must not be under 21 years old. Must be at most 57 years old. |
Eligible Entity
- Government / Semi Govt Institutions
- Reputed Companies
- Government Schools / Colleges
Remarks: Must be a confirmed employee with at least one year of working period with the corporation.
Proof of Income Evidences
- Salary Pay Slip – 6 months
- Salary Recommendation from HR of Company/ Government Department
- Income Tax – 6 Months
- Employee Card (Copy)
Required Documents
- Corporate Salary Loan application
- KYC documents and income proof of borrower & Guarantors
- NRC (Copy)
- Census (Copy)
- Ward Recommendation (Original)
- Passport Photo (2 pecs)
Personal Guarantee
Other employee (or) a family member of census.
Fees and Charges
| Interest Rate | 14 %p.a.
Note: The interest rate will subject to change depend on bank assessment on the risk profile of the borrower. |
| Service Charges | 1 % |