It refers a sum lent to one party (the borrower) by the other party (banks & FIs) for a period fixed upon mutual agreement with a commitment to repay the same with interest/profit under a pre-agreed time schedule for the purpose of purchasing an automobile or a car for personal use.
Maximum Loan Amount: BDT40 lac (Inclusive of Insurance) No hidden cost.
Interest Rate Range
9.00%- 9.50%
Processing Fee
1%
Loan Amount
BDT 40 Lac Max
Loan Tenure
5-6 Years
Early Settlement Fee: 2.00% +VAT on Settlement Amount Repayment tenure: maximum 5 year.
Fees & Charges
Features
Eligibility
Max. Financing Amount: BDT 4000000 & 50% of Car Value.
Interest Rate Range
9.5% Floating
Processing Fee
1 %
Loan Amount
BDT 40 Lac Max
Loan Tenure
1-7 Years
Approval duration: Standard Chartered Bank may take approximately 20 working days to approve and review your loan request.
Fees & Charges
Features
Eligibility
Maximum loan size will be Tk.15 Lac.
Interest Rate Range
9.00% Floating
Processing Fee
1.5%
Loan Amount
BDT 15 Lac Max.
Loan Tenure
1-5 Years
Loan amount cannot exceed 65% of the vehicle price in case of minimum down payment @ 35% in cash. In case of FDR minimum security @ 35% of the vehicle price and loan amount will be 100%.
Fees & Charges
Features
Eligibility
Loan amount ranging from Tk.300,000 to Tk.4,000,000
Interest Rate Range
9.00% Fixed
Processing Fee
1%
Loan Amount
BDT 40 Lac Max
Loan Tenure
1-5 Years
Car financing up to 50% of reconditioned or brand-new car.
Fees & Charges
Features
Eligibility
Max. Financing Amount: BDT4000000 50% of car quotation price.
Interest Rate Range
9.5%-10.00% Floating.
Processing Fee
2 %
Loan Amount
BDT 40 Lac Max.
Loan Tenure
1-5 Years
Interest Rate 11.00% One Bank Car Loan has maximum loan facility of BDT 40, 00,000. Floating (Variable) Interest Have no option to convert to fixed interest.
Fees & Charges
Features
Eligibility
Max. Financing Amount: BDT4000000 or 50% of car value whichever is lower.
Interest Rate Range
10.00% Floating
Processing Fee
1 %
Loan Amount
BDT 35 Lac Max
Loan Tenure
1-5 Years
Approval duration: If all documents are okay, Eastern Bank may take approximately 1 month to be approved to get this loan.
Fees & Charges
Features
Eligibility
Loan amount: minimum BDT 300,000 and maximum BDT 40,00,000
Interest Rate Range
9.00%-10.00% Floating.
Processing Fee
1.5 %
Loan Amount
BDT 40 Lac Max.
Loan Tenure
1-5 Years.
Repayment tenure: maximum 5 year for reconditioned car and 6 year for brand new car.
Fees & Charges
Features
Eligibility
Maximum Financing Amount: BDT4000000 Maximum 50% of the vehicle price
Interest Rate Range
9% - 9.50% Floating.
Processing Fee
2%
Loan Amount
BDT 40 Lac Max
Loan Tenure
1-5 Years
Approval duration: If all documents are okay, Prime Bank may take approximately 2 to 3 working days to be approved to get this loan.
Fees & Charges
Features
Eligibility
Maximum Financing Amount: BDT 4000000 OR Car Value (50:50)
Interest Rate Range
9.00% - 10.50 Floating.
Processing Fee
1%
Loan Amount
BDT 40 Lac Max
Loan Tenure
1-5 Years.
Interest Rate: 10.50% City Bank Manarah Auto Finance is designed for those customers who want to buy a brand new or reconditioned unregistered personal vehicle under the Islamic Shariah.
Fees & Charges
Features
Eligibility
Maximum Financing Amount: BDT100000000 or 85% of car price.
Interest Rate Range
10.00 % Floating.
Processing Fee
2 %
Loan Amount
BDT 1 Crore Max.
Loan Tenure
1-6 Years.
Interest Rate: 10.75% IPDC Auto Loan has 10.7% interest rate for Salaried Executive and 11.20% for the Businessman.
Fees & Charges
Features
Eligibility
Equity Participation: Up to 80% of Car value.
Interest Rate Range
9.99 % Floating.
Processing Fee
1 %
Loan Amount
BDT 5 Crore Max.
Loan Tenure
1-6 Years.
You can avail this facility to purchase brand new or reconditioned noncommercial private vehicles such as Sedan car, SUV, Jeep, Microbus etc. for personal or family use.
Fees & Charges
Features
Eligibility
Loan facility up to 90% of vehicle price but not exceeding BDT 15.00 million for individual client.
Interest Rate Range
16.00 % Floating.
Processing Fee
0.50 %
Loan Amount
BDT 1.5 Crore Max.
Loan Tenure
1-6 Years.
100% loan facility for the individual customer secured by full or partial TDR/ FDR and for the employee of specialized corporate.
Fees & Charges
Features
Eligibility
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Presentinng Banking Plan & Services
The maximum amount of loan that you can avail to buy a car will vary from lender to lender. Most banks offer financing up to 50% to 60% of the on-road price of the car but there are some banks such as SCB, Pubali Bank, etc. that offers financing for up to 80% of the car’s on-road price.
Yes, you can prepay the entire car loan and save on vital interest payments in the future. However, most banks will allow the pre-payment option after you have chalked off 6 months on your loan tenure. Plus, you will be expected to pay a small fee as pre-payment penalty that will be dependent on the leftover loan amount.
Almost all car loan products available in BD are secured loans, with the procured vehicle itself acting as the customary security. Most lenders in BD will not insist upon any guarantors; however, if your annual income does not match up to the expected requirement, then you may be expected to sign-up a co-applicant and/or guarantor
Repayment tenures usually range from 12 months to 84 months (1-7 years).
Yes. Some banks will offer lower interest rates to applicants with high credit scores. Likewise, borrowers with low credit scores will have to bear higher interest rates.
Before you apply for any car loan, ensure that you explore all the options available. Once you explore, you will get an idea about the benefits offered by various lenders on their car loans. Compare the benefits offered and pick a lender that fits your requirements. Whether it is a bank or a car dealership, pick the one that offers better interest rates.
Yes. Many top lenders such as City Bank, BRAC Bank, EBL, etc., offer loans to buy used cars. These lenders offer car loans for up to 50% of the car’s value provided that the car is not more than 5 years old. Used car loans can be repaid in a maximum of 7 years.
The amount of EMI (equated monthly instalments) that you will be paying towards your car loan will depend on the interest rate, loan amount, and the repayment tenure you choose. You can calculate the EMI by using the EMI Calculator tool available on the LoanBazaar.com website. For example, let us suppose that you avail a car loan of BDT.1 lakh at an interest rate of 12% for a tenure of 5 years. Using the tool, we calculated the EMI and found it to be BDT.2,224.
Making a higher down payment will mean that you will need to avail a lower loan amount to buy a car. When you avail a lower loan amount, there are chances that banks or lenders may offer you a car loan at lower interest rates. This is simply because if the loan amount is lower, the repayment will be quicker. So, though there is no hard and fast rule to how much down payment you should make, a higher down payment will ensure that your debt liability is lesser.
If your credit score is good, you can negotiate with the banks to offer you a car loan at a lower interest rate. Many lenders will let you negotiate on the interest rates since your high credit score is an indication of your high repayment capacity. Some lenders may also offer you a waiver on the processing fee if you have a good credit score.
