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
- To Purchase a brand new or reconditioned Car for personal use only
- To Purchase a brand new Motorcycle for personal use only
- 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
- 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
Interest Rate: 15.00% per annum with quarterly rest. The rate of interest will remain fixed throught the tenure of the Loan.
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.
- 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)
- 1st 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