What is Group Loan and how much can I borrow?
Group Loan means disbursing loan to a group formed with 3 to 5 members. Members are required to provide guarantees for each other within a group. The available loan size is from 50,000 kyats to 5 million kyats.
Who can apply for Group Loan and How?
You can apply if you are a business owner, have a valid business or willing to start a business. You need to form a group with 3 to 5 group members same-minded with you.
What are the requirements for Group Loan?
You must be between 18 to 60 years. You need to have NRC (National Registration Card), Household Registration Certificate, two passport size photos and live in the same ward with your group members.
Do I need to have a Business License?
Business License is required for the individual loan and if it is not available, Hana considers based on clients physically. In case you do not have a business license, you need to prove that you have a business. A recommendation letter for your business from the ward can be used as proof. Alternatively, Hana staff will assess your house and business for verification process before loan disbursement.
Does my business site need to be in the same township as registered in the household registration certificate?
Yes, they need to be the same for all States/ Divisions except Yangon.
How can I make the repayment?
The repayment shall be made once in 28 days at Hana branch office or with E wallet payment such as Wave Pay, KBZ Pay etc.
What is the repayment schedule?
The repayment schedule varies from 3 to 24 months installment plan. The detailed repayment schedule report will be shared with you after disbursement.
How fast is the disbursement process?
Disbursement will be made within one month if the required information is fully provided.
Can we form a group with relatives?
No, if he/she is in the same household registration certificate as yours.
Can someone from a different household registration certificate sign for acknowledgement?
No, the signee must be from the same household as the client.
Are there any service and document fees and how much will these be?
Beneficiary Welfare Fund (BWF) or Insurance, other service fees are collected during the loan disbursement and collection amount depends on the loan term.
Is it mandatory to make the saving? How much do we need to save and what is the withdrawal process?
It is mandatory to save 5% of the loan amount as per FRD directive. You will be getting 14% annually as saving interest. If the client wishes to withdraw, need to request at least 28 days in advance.