Bank Asia Auto Loan

Bank Asia Auto Loan

Key Product Features

Interest Rate 12.00%
Interest rate 12% to 14% depending on the customer sigment & loan amount.

Floating (Variable) Interest
N/A
Min. financing Amount N/A
Max. financing Amount BDT3000000 50%
Min. loan tenure 1 year
Max. loan tenure 5 year
Islamic / Conventional Conventional
Approval duration 15 Working Days

Fees and Charges

One time set-up Penalties
Processing fee
1%

Sanction letter fee
N/A
Early Settlement
No Early Settlement & Partial Adjustment fees

Late Payment Charges
2%
Other Charges
N/A

Eligibility

Age requirement
Age 25years - 65years

Min Income requirement
BDT15000 gross per month

Employment Eligibility
  • Salaried Employee
  • Self Employed
  • Land Owner

Any Bangladeshi individual who has the means and capacity to repay bank loan; In specific terms, these could be

  • salaried executives 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 of repute
  • Any employed / self-employed tax-paying individual having a reliable source of income.

Experience:

  • For salaried individual, minimum service length of 3 years and must be a confirmed employee.
  • For self employed individual, a business record of minimum 3 years.

Other requirements


Car Registration
Yes
Allows joint applicant?
Yes
Car Insurance
1st Party Insurance Required
Security

The vehicle is hypothecated to the bank only. In addition to this registration requirement, on a case-to-case basis, bank may also secure the loan partially by the commonly acceptable form of cash/quasi cash securities available in the market.

Guarantor
3

Bank Asia Auto Loan

Required Documents


  • National ID Card / Passport / Driving license.
  • Recent color photograph,
  • business card and office ID card.
  • Copy of TIN related document
  • Letter of introduction (In case of salaried executives) as per given format or Pay Slip
  • Professional Certificate for Professionals
  • Trade license/MOA for businessmen Bank Statement of last 12 months
  • Valid Quotation of the car to be purchased.


Additional Information


Minimum Monthly Income:

  • Monthly surplus income (after meeting all expenses) shall be at least BDT 15,000

Max Tenure:

  • 5 years for reconditioned car
  • 6 years for Brand new car

VAT: 15% VAT applicable over all kind of charges and fees