Mercantile Bank Car Loan

Mercantile Bank Car Loan

A Very Interesting and Flexible Package With No Processing Fee

Key Product Features

Interest Rate 13.50%

Floating (Variable) Interest
Mid rate 13.5% but if it is higher class then it may go up to 15%
Min. financing Amount BDT100000
Max. financing Amount BDT2000000 50%
Min. loan tenure 1 year
Max. loan tenure 5 year
Islamic / Conventional Conventional
Approval duration 1 Month

Fees and Charges

One time set-up Penalties
Processing fee
No Processing Fee

Sanction letter fee
Early Settlement

Late Payment Charges
Other Charges

Loan application form BDT 200


Age requirement
Age 21years - 60years

Min Income requirement
gross per month

Employment Eligibility
  • Salaried Employee
  • Self Employed
  • Land Owner
  • Govt. Officials
  • Semi-Government Officials
  • Employees of Autonomous Bodies
  • Employees of Banks and other Financial Institutions
  • Employees of Multinational Companies
  • Employees of reputed Private Organizations
  • Professionals: Doctors / Engineers / Accountants Teachers and staff of Public / private Universities
  • Businessmen

Other requirements

Car Registration
Allows joint applicant?
Car Insurance
1st Class Insurance Required

Hypothecation over the car


Mercantile Bank Car Loan

Required Documents

Basic Documents:

  • Duly filled in Application Form & CIB undertaking with signature;
  • Latest studio print color passport size photograph of applicant / co-applicant (if any), spouse and guarantor duly attested by the Branch Manager;
  • National ID Card/Passport (photocopy) of applicant / co-applicant (if any), spouse and guarantor duly attested by the Branch Manager;
  • Latest Personal TIN with Certified copy of IT10B of Applicant/Co-applicant (if any), Spouse (if available), 3rd party Guarantor (if available) duly attested by the Branch Manager;  
  • Personal Bank Statement For Salaried Person: Last six months,
  • Personal Bank Statement For Business Person & Others: Last one year;
  • Sanction copy & Loan Account Statement (if any existing loan);
  • Price quotation duly accepted by client;
  • Recent electricity Bill (if residence is Self owned/Parent Owned/Family Owned)


For Salaried Individual:

  • Latest salary certificate/Letter of Introduction (LOI) issued by appropriate authority;
  • Last 3 months’ pay slip (if salary in cash mode);
  • Bank statement where salary is reflected (if account payee salary);
  • Latest salary certificate/Letter of Introduction (LOI) issued by appropriate authority

For Business Person:

  •  Valid Trade License (Minimum 3 years from isue date);
  • Notarized partnership deed (if partnership concern);
  • RJSC certified MOA, COI, Form-XII & Schedule X (if limited company);
  • Company Bank Statement for last one year;
  • Sanction copy & Loan Account Statement of company loan (if any existing loan);

For Self Employed/Professionals:

  • BMDC certificate for Doctor;
  • Bar Council membership certificate for lawyer;
  • Other Professional Certificate (if any);
  • Self declaration in personal letter head regarding monthly income;

For Property Owner:

  • Copy of ownership deed;
  • Copy of paid gas/electric bill.


Additional Information

Minimum Monthly Income:

  • Applicant's Debt Burden Ratio Should Be 40%

Maximum Loan Amount:

  • BDT 1500000 for Reconditioned Cars
  • BDT 2000000 for Brand New Car

Maximum Tenure:

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

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

Loan amount is inclusive of unit price of Car, VAT, Registration and Insurance