doing business in myanmar – what you need to know as a singaporean
Automobile company Suzuki Myanmar Motor Co Ltd has announced a new instalment-payment scheme for four models in its local line-up of vehicles. The new scheme is being offered in collaboration with Co-operative Bank Public Co Ltd (CB Bank).
CB Bank and Suzuki Myanmar signed an agreement for the scheme at CB Bank’s headquarters in Yangon on November 7. Under the new scheme, people can opt to buy Suzuki’s Ciaz, Ertiga, Swift GL, and Swift GLX models beginning this month.
“Suzuki cars can now be bought with financing from CB Bank from November. Customers can now opt to buy the vehicles by paying a 20 percent down payment and then paying the balance monthly. Besides this, the new financing scheme also includes insurance coverage for the vehicle provided by GGI Insurance. Our bank’s objective is to promote new financial services for consumers and this is a part of it,” said CB Bank Managing Director U Thein Zaw Tun.
The Suzuki models available under the scheme are the Ciaz sedan priced at K27 million, Ertiga mpv at K27.2million, Suzuki Swift GL and GLX hatchbacks at K20.9million and K24.1million, respectively.
The initial down payment can be 20pc or 25pc of the car’s price, said U Thein Zaw Tun.
“For the convenience of buyers, we are offering up to seven years for the repayment period. I believe this cooperation will be beneficial for bank’s customers and Suzuki buyers,” said Suzuki Myanmar Managing Director Mr Keiichi Asano.
People who want to purchase a car under the scheme will need to apply through CB Bank with a passport photo, national identity cards, a copy of their Household List, and original ward and police station recommendations.
Applicants who are employed are also required to provide recommendations from their company’s human resource department, , three months of salary slips, and bank account book with least six months history.
Self-employed applicants are required to show their business licence or company registration documents, two years of financial statements, tax receipts for two years, a bank account history of six months, and photo of their business.
The new scheme is among the latest offerings from local banks to improve their range of financial products such as installment plans for cars, homes, and consumer goods.
Source: The Myanmar Times
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