Yoma Bank provides personal small loans for seafarers

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Yoma Bank staff engagingly assisting customers at the service counter.

Myanmar Seafarers’ Federation (MSF) has announced that Yoma Bank will offer small personal loans for seafarers. For a personal small loan from Yoma Bank, an amount ranging from a minimum of K1,500,000 to a maximum of K100,000,000 can be borrowed. The annual interest rate is 14.5 per cent (monthly interest rate of 1.2 per cent).
The repayment period ranges from a minimum of six months to a maximum of 12 months. As this is a personal small loan, collateral is not required. However, having sufficient income to repay the principal and interest is necessary. Therefore, this loan plan is well-suited for individuals considering a career in sailing.
To obtain a loan, individuals are encouraged to visit the office of the Myanmar Seafarer’s Federation (MSF) after making an advance call and inquiry to acquire the list of necessary documents and forms.
For seafarers employed abroad, Yoma Bank offers convenient salary management through its excellent currency exchange rates and a specialized foreign currency account known as the “Seafarer USD Account”. This account is available at various branches including Yangon main bank, Myanmar Plaza branch, Hlinethaya branch, Star City branch and Yankin branch in Yangon, as well as the main branch in Mandalay. — TWA/KZW

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