( V ) Loan Facilities
MICB provides credit facilities in local currency (Kyat) in the form of overdraft, short-term (one-year) loan, medium-term and long-term loans to the national business entities and small and medium enterprises. MICB is providing greater contribution to the areas of production, commercial and industrial businesses in order to support for implementing the country’s economic development.
Loan Interest rates
Interest rates for the credit facilities are -
- Short-term Loan (a) Overdraft - 13% per annum,
(b) Loan 12.5% - per annum, - Medium-term Loan 12% - per annum,
- Long-term Loan 11.5% - per annum,
- Short-term Loan 9% - per annum,
( 3 month to 6 month )
Loan by USD Collateral
Types of Lending Business
- Manufacturing and Processing
- Trading (Exports and Imports)
- Transportation
- Construction
- Services
- Printing
- SMEs Business
- other various kinds of businesses
Required documents
Required documents for a Loan Application are -
- Application Letter
- evidence of title deeds for collateral including certified map and history of the land
- Financial Statements of the applicant's business (profit & loss statements and balance sheets for the past three years)
- Business license issued by the respective authority
- tax returns of the existing business for previous three years
- the declaration of the loan applicant for free of other debts
- photographs of collateral
- photographs of existing business
- copies of personal identification (statement of family unit, National Registration Card) etc.