Personal  /  Loans  /  Auto Loan

Auto Loan

Finance should not be a red signal and the door is open for the ownership of your dream car. Drive home with uab Auto Loan.

Repayment period up to 7 years for new vehicles, 5 years for second hand vehicles. Repayable on monthly installments.

  • Individuals having permanent source of income such as employees , businessman , professional etc
  • Loan amount up to 70% of the value of vehicle.
  • The Loan eligibility will be adjusted to ensure that total monthly instalments from all loans (uab plus other banks) should not exceed 1/3 of gross monthly salary / monthly income as per proof given.
  • Minimum monthly income : MMK 500,000 (for two wheelers) ,MMK 1,000,000 ( for Four wheelers).

Vehicle to be purchased. Other collateral security may be insisted on cases where income proof is not sufficient.

a) Personal Guarantee of another individual with income.

b) Documents for Borrower & Guarantor
  • Application form
  • NRC Copy – Original to verify.
  • Copy of passport
  • 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

e) Documents regarding vehicle to be purchased :
  • Proforma invoice / Quotation from the seller
  • Dealer recommendation letter, if vehicle to be purchased from the approved dealer of uab bank

 Brand NewUsed
Interest Rate10.00% p.a.10.00% p.a.
Service Charges1.00% on loan amount 1.00% to 3.00% on loan amount
Early Repayment Fees3.00% 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 )