Islami Bank Car Investment Scheme (CIS)

Islami Bank Car Investment Scheme (CIS)

Key Product Features

Interest Rate 15.00%
N/A

Floating (Variable) Interest
N/A
Min. financing Amount BDT200000
Max. financing Amount BDT3000000 50
Min. loan tenure 1 year
Max. loan tenure 4 year
Islamic / Conventional Islamic
Approval duration Minimum 3 days if all documents are okay.

Fees and Charges

One time set-up Penalties
Processing fee
N/A

Sanction letter fee
N/A
Early Settlement
N/A

Late Payment Charges
At actual
Other Charges

CIB Charge: BDT 150

Eligibility

Age requirement
Age 21years - 65years

Min Income requirement
BDT50000 gross per month

Employment Eligibility
  • Salaried Employee
  • Self Employed
  • Land Owner

Minimum 2 years of job experience with continuous 3-month permanent enrollment with present employer, 1.5 years experience for self-employed persons, 2 years of experience for landlords/ladies.

Eligibility Criteria for vehicles: 

Brand new vehicles: N/A as it is brand new

Re-conditioned vehicles: aging not more than 5 years from the date of manufacturing.


Other requirements


Car Registration
Joint registration of the vehicle in the name of the bank & the client.
Allows joint applicant?
Yes
Car Insurance
1st class comprehensive insurance of the car.
Security

Joint registration of the vehicle in the name of the bank & the client. The ownership of the vehicle will be in the name of the bank. After full and final adjustment of the facility, 

  • Post dated cheques against each monthly installment
  • Any other security deemed necessary to protect the interest of the bank
Guarantor
2

Islami Bank Car Investment Scheme (CIS)

Required Documents


Salaried Persons: 1. Photocopy of NID/ Passport/ Driving License, 2. Photocopy od TIN Certificate, 3. Photocopy of Latest salary certificate with a detailed break-up of different additions and deductions/ Pay slip/ letter of introduction on job position and salary level(by HR/Admin.), 4. Photocopy of office ID, 5. Undertaking of the client duly signed (specific format will be given), 6. Three copies of PP size Photos, 7. Six to Twelve-month bank statement where monthly salary credits, 8. Saving account opening at branch (Mandatory) with SS card and cheque requisition slip (ATM card form- Optional), 9. Photocopy of recent promotion letter (if any) - Mandatory, 10. Photocopy of appointment letter,  Business persons: 1. Photocopy of NID/ Passport/ Driving License, 2. Photocopy od TIN Certificate, 3. Photocopy of trade license, 4. Photocopy of partnership deed ( If the businessman has a partnership farm), 5. Undertaking of the client duly signed (specific format will be given), 6. Three copies of PP size Photos, 7. Twelve-month bank statement to assess account balance, 8. Saving account opening at branch (Mandatory) with SS card and cheque requisition slip (ATM card form- Optional), 9. Monthly sales report, 10. Balance-sheet and Profit-loss account (Latest), 11. Valid vehicle quotations from authorized car agents/sellers(at least 4 quotations to be submitted) Land Lords/land-ladies: 1. Photocopy of NID/ Passport/ Driving License, 2. Photocopy od TIN Certificate, 3.Proof of property ownership, 4.Photocopy of rental deeds, 5. Undertaking of the client duly signed (specific format will be given), 6. Three copies of PP size Photos, 7. Twelve-month bank statement to assess account balance, 8. Saving account opening at branch (Mandatory) with SS card and cheque requisition slip (ATM card form- Optional), 9.Photocopy of latest utility bills, 10.Photocopy of holding TAX slip.



Additional Information


Amount of Investment: Tk.2.00 million for reconditioned and Tk.3.00 million for brand new car.