Personal Loan (Education Loan)
Upto 20,000,000 MMK
Maximum 1.5 times of basic income
3 months, 9 months and 12 Months
It is a service program for those who are doing business and those who have income to get MO
Eligibility
- Age between 18`~ 60 years old.
- High-school students, university students and post-graduate students can apply.
- Employees must be Full-time Employees (After probation period only).
- For self-employed, most recent audited financial statements for the business owned or business license.
- Loan Service for education loan.
- Myanmar Citizen only
- Must have MoMoney Account and Shwe Bank Account
Credit Limit and Specifications
- Interest Rate is 2.33% per month
- Loan Amount can get Minimum 100,000 MMk to Maximum 1.5 million MMK
- Terms can be choose 6 Months and 12 Months
- Saving charges is 1,000 MMK and services charge is 2% of the loan amount with a tenor of 12 months ( which are 1.5% for application Fee and 0.5% for Beneficiary Welfare Fund )
Loan Assurance Person
- One Family Guarantor or Colleague
- Two Institute /University or School
Documents Requirement for Applicant
- Provide copy of NRC and must show original NRC
- Provide copy of employee Id and must show original Employee ID
- Provide Pay Slip(last 3 months bank statement) or original recommendation letter which was issued within one month with the salary statement including authorized person signature from HR Department.
- Provide original resident proof which issued within one month
- Provide copy of household certificate and must show original
Documents Requirement for Guarantor
- Provide copy of NRC and must show original NRC
- Provide copy of employee Id and must show original Employee ID
- Provide Original Income Proof, which Pay Slip(last 3 months) or recommendation letter which was issued within one month with the salary statement including authorized person signature from HR Department.
- Provide Copy of Business License which can be Institute/University or School of DICA, Ministry of Education License.
- Provide original resident proof which issued within one month
- Provide copy of household certificate and must show original
Questions?
Get Answers
What is MO Loan?
MO Loan is one of the loan services in which a person who is employee or self employed can apply for General usage, business investment and educational use.
How to apply for a MO Loan?
MO Loan can be applied from MO LAF application, ENQUIRE NUMBER, Loan Officer.
MO loan service can be applied?
Yangon Division – Pazundaung, Botahtaung,Dala, Thanlyin, Insein, Htantabin, Hmawbi.
Bago Division -Bago.
Mon State – KyiteHto, Tha Htone.
Who can apply for an Education Loan?
Age between 18 – 60 years old and only Myanmar Citizen can apply Education Loan
How much interest rate will be charged?
2.33% monthly and 28% annual
How can I make repayment for MO Loan?
MO Loan can be repaid from MO MFI (Loan officers) at MO Kiosk currently.
Any late fees will be charged if repayment is late?
No, late fees will not be charged but it may affect the next Loan application.
How long will the Loan Term be?
3 months, 6 months, 9 months, 12 months based on loan service.
Are there any additional charges and fees?
2% for total (1.5% – Processing charges, 0.5% BWF) Saving – 1000 MMK
How many guarantors need to apply for a MO Personal Loan?
One applicant, one family guarantor or colleague and Institute / University or School as guarantor
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