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Hire Purchase Loan

Purchasing Heavy Machinery, Farm Machinery, Motorcycle, Electrical Goods & Equipment and Consumer Goods from authorized dealers under the MD Hire Purchase scheme. Inquiry at our nearest branch and we will guide you through application process.

Debit Card

Features and Benefits

  • Sale Specialist will guide you to apply application easily.
  • You can purchase of Heavy Machinery, Farm Machinery, Motorcycle, Electrical Goods & Equipment and Consumer Goods from our dealers.
  • Up to 70% of the value of goods.
  • Can chose payment methods by monthly, quarterly and semiannually.

Eligible Borrower

  • Individuals having permanent source of income.
  • Age at least 21 years old and not more than 60 years old.
  • Retail Traders of consumer goods, electronic goods, Vehicles, Agricultural machinery etc., are eligible to apply for a dealership.

Conditions

Down Payment Minimum 30%
Loan Amount Up to 70%
Loan Repayment Period Up to 3 Years
Loan Repayment Method Equal Monthly Instalment (EMI)

Fees and Charges

Interest Rate 12.5 % p.a.
Service Charges 1%
Early Repayment Fee
  • 3% on the prepaid amount (if paid during the first 2 years of the loan period)
  • 2% on the prepaid amount (if paid during the third year of the loan period)
  • 1% on the prepaid amount (if paid after 3 years of the loan period)

Requirements

Applicant and Guarantor

  • NRC (Copy) – original to verify
  • Census (Copy) – original to verify
  • Ward Recommendation (original)
  • Recent Passport Photo (2 pecs)
  • Other Bank Loan Statements (if applicable)

Collateral

  • Sale and Purchase Agreement (original)
  • Import Declaration Forms
  • Photos of consumer goods, electronic goods & equipment, Machinery, etc.

For Salary Employed

  • Employee Recommendation from HR (or) Senior Management Level of Company with Letter Head (original – indicates position, salary and applying date)
  • Salary Pay Slip (or) Bank Statement – 6 months
  • Income Tax – 6 months
  • Employee Card (copy) – original to verify

For Businesses/Self Employed

  • Updated DICA Registration (or) License of Business (copy) – original to verify
  • Company Extract (includes shareholder lists and company constitution)
  • Other related Licenses (copy) – original to verify
  • Income Tax for the last 2 years – including current year
  • Financial Statements for the last 2 years – including current year
  • BOD Meeting Minutes (original)
  • Company/Business Photos

For Guarantor

  • Authorized Dealer
  • Personal Guarantee of spouse (or) Father/ Mother (or) any family members with relevant income proof.