Personal Loan

Overdraft Against Fixed Deposit (ODAFD)

Purpose of ODAFD

As the customers who were opened the Fixed Deposit Account at SHWE Bank to use the needed money with overdraft loan without cancelling the Fixed Deposit if they need money urgently.
By more using the new products that will be matched with the market’s requirements to the existing customers of SHWE Bank to become the loyal customers of the Bank.

Benefits of ODAFD

If you need emergency money to use for business or personal, ability to use the necessity money without cancelling the Fixed Deposit.
Fast and easy access to a loan within a short period of time.
Unlike other types of loan, ODAFD does not cost other fees such as Lawyer fees, Assessor fees and fire insurance.
On the other hand, interest on Fixed Deposit is also paid while using ODAFD loan.

Loan Terms

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Accessible amount to apply :	At most 80% of collateral Fixed Deposits Account Balance
Loan Quantum :	Maximum amount (500,000,000 MMK) and Minimum amount (50,000,000 MMK)
Loan Tenure :	ODAFD term is at least 30 days up to 1 year
Interest :	13% per year
Commitment fees :	0.5% per yearCommitment fees will be charge upon unused amount for daily
Repayment method :	To pay the loan interest and commitment fee before the end of the month. Loan principal and interest can be paid off by the personal balance or by cancelling collateral fixed account
Other necessary fees :	Loan application fees, Government stamp duty fees

Eligible Collateral

Bank will accept the following the kind of Fixed Deposits that opened with 120 days and above as a collateral.

SHWE Prepaid fixed deposit
6-month lifespan fixed deposit accounts
9-month lifespan fixed deposit accounts
12-month lifespan fixed deposit accounts

Not allow to apply the ODAFD loan with the Fixed Deposit accounts that are already given the collateral for other loans.

When applying the ODAFD loan, the remaining maturity date of Fixed Deposit will have to 30 days and above.

Collateral Fixed Deposit must be on auto renewal mode.

The exact customers who engage in fixed deposit must sign for applying ODAFD.

The customers who want to apply for a Fixed Deposit loan must visit the original bank branch where he/she opened his/her Fixed Deposit Account and apply in person.

Necessary Documentations For individual/For Businesses

NRC, Household list
Fixed Deposit Passbook or the original certificate
The original document of BOD resolution

How to Apply for an ODAFD?

Step

Inquire at the nearest branches of SHWE Bank.

Step

Get the ODAFD application form at the nearest branches of SHWE Bank.

Step

Keep the necessary documents on hand, then submit them at nearest SHWE Bank branches

Step

If the bank approval has been obtained, the customer will get an ODAFD Loan by signing the required documents.

General Customer Eligibility

Any types of fixed deposit accounts with original maturity of 120 days and above will be eligible as the collateral.
The residual maturity of the collateral fixed deposit must be at least 30 days or above.
The fixed deposit customer and the ODAFD customer must be one and the same person/s.
FD must be in auto-renewal mode.

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Overdraft Against Fixed Deposit (ODAFD)

Purpose of ODAFD

Benefits of ODAFD

Loan Terms

Eligible Collateral

Necessary Documentations For individual/For Businesses

How to Apply for an ODAFD?

Step

Step

Step

Step

General Customer Eligibility

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