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.

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	10% 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.