|App Name||Mother Finance v2.4.1|
|Get it On|
|Rating||( 1106 )|
Mother Finance Co., Ltd. (Registration No. 101001296) is incorporated in the Republic of the Union of Myanmar and licensed as a non-bank financial institution (NBFI/FC(R)-11/08/2016), regulated by the Central Bank of Myanmar. https://www.cbm.gov.mm/content/finance-companies
We make credit accessible to anyone with an Android smartphone in Myanmar. We provide quick and easy customized unsecured loans to our customers while helping them build a digital credit history, or financial identity, over time. Fast loan approval decisions are made within 24 hours.
We’re committed to building a world where underserved people everywhere have financial access, choice, and control. People need access to financial systems, including credit and all the opportunity credit brings. Within those systems, they need choices, so they can do what they want to do, what they need to do, and what they should do with their money. Finally, we want more people everywhere in Myanmar to be in control of their finances, as active participants in their own financial lives — whether they are budgeting, saving, investing, or learning.
Interest rate and service fees vary according to each person and the type of loans they choose. Loan tenor ranges from 60-365 days. One-time fees including processing and origination charges, range from 1-20% of loan disbursement. Interest rate starts from 2% per month or 24% annual percentage rate (APR). The key feature of our service is that customers that previously pay back on time are rewarded with lower interest rates and larger loan size when they choose to borrow again.
For example, you select a micro sme loan of MMK 1 million for one year. The amortized interest is 13.5% p.a. Monthly repayment is MMK 94,559.60. Total interest charged for the year is MMK 134,715.16. Service fees is MMK 50,000.
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