Overview

Auto Loan is term loan facility offered by Retail Banking for purchasing brand new and reconditioned vehicle for personal use. Under this scheme the vehicle is hypothecated to the bank only.

Customer Segment

Any Bangladeshi individual who has the means and capacity to repay bank loan; In specific terms, these could be salaried employees of multinational and middle to large size local corporate, Government officials, Officials working in reputed NGOs (Non Government Organizations), international aid agencies & UN bodies, any tax paying businessmen, Self employed individual and tax-paying individual having a reliable source of income.

Loan Features:

  • Loan amount: minimum BDT 300,000 and maximum BDT 40,00,000
  • Repayment tenure: maximum 5 year for reconditioned car and 6 year for brand new car
  • Payment method: Equal Monthly Installment
  • Competitive interest rate
  • No hidden cost

 

Eligibility:

  • Age limit: Minimum 23 year, Maximum 65 year at loan maturity

Charges & Fees:

  • Penal Interest: 2% per month on overdue amount
  • Processing  fee : 0.50% but not exceeding Tk. 15,000
  • Partial / Final prepayment: 0.50% on prepayment amount
  • All relevant stamp charges will be realize from the borrower(s)