Car/Motorcycle Loan

Any Bangladeshi individual who has the means and capacity to repay bank loan, In specific terms, these could be salaried employees/executives of multinational and middle to large size local corporate, Government, Semi-autonomous body, in reputed NGOs (Non Government Organizations) international aid agencies and UN bodies, and other employees acceptable to the bank

Purpose:

• To Purchase a brand new or reconditioned Car for personal use only
• To Purchase a brand new Motorcycle for personal use only

 

Customer Eligibility:

• Minimum age 25 years ( At the time of application)
• Maximum age at loan maturity up to 60 years (At the end of Loan Tenor)
• For salaried individual, must be Permanent & Confirmed employees of a relevant firm with minimum 3 years experience in the present organization
• For Businessmen, Business Record of minimum 2 years
• Yearly income  should be At least three times of the  total yearly installments amount of applied loan.
• Borrower must reside for at least 6 month in the same addres

 

Loan Size: Maximum amount of loan under this Scheme will be Tk.10.00 lac (Taka Ten Lac) for Car and Tk.1.00 Lac  for Motorcycle.

Loan to Value Ratio: Maximum 50% of the cost of the Car/Motorcycle is allowed

 

Documents Required:

• Two Personal Guarantees with net worth declaration.
• Personal Guarantee of spouse/parent
• Post dated cheques for all installments
• One undated cheque covering total amount of all installments

 

Tenor: Minimum 1 Year; Maximum 5 Years

Availability Period : Maximum 6 months from the  date of sanction advice

Repayment method: Equal Monthly Instalment.

Prepayment : Loan to be prepaid on payment of 2% breakage cost on prepayment amount

Disbursement Mode: By issuing payment order directly to the seller

Debt Burden Ratio (DBR%): A maximum of 33% based on net monthly income.

 

Documents Required:

• Recent Passport size photographs of applicant(s) and guarantor (s).
• Photocopy of NID/Passport of applicant (s) and guarantor (s)
• Latest Utility Bill (Gas/Water/Electricity)
• Quotation for Vehicle/Motorcycle to be purchased.
• Business Card/Office ID of applicant (s) and guarantor (s), if any
• Latest Tax Certificate / E-TIN
• Personal Net Worth statements of applicant (s) and guarantor (s).
• Bank Statement of last 12 months for businessmen and 6 months for others.
• Rent or Lease agreement of house/property (if applicable)
• 1^st Party Insurance comprehensive insurance of the car
• Joint Registration of the car/motorcycle ( Borrower & Bank) 
• Salary Certificate / Letter of Introduction.
• Employer Certificate issued by the concerned Institution

Documents Requirement for Businessmen :

• Copy of Up to date Trade License.
• Copy of Memorandum & Articles of Association.
• Certificate of Incorporation.
• Latest Form XII
• Registered Partnership Deed.
• Two years bank transaction record

 

 

*condition will be applicable