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Car Loan

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.

Dhaka Bank Ltd.

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

  • Processing Fee: 1% of the approved loan amount.
  • Early Adjustment Fee: 1% of outstanding amount.
  • Partial Payment Fee: 2% of the prepayment amount.
  • Penal Charge: 1% on the arrears amount.

Features

  • Early Settlement Fee: 2.00% +VAT on Settlement Amount Repayment tenure: maximum 5 year.
  • Maximum Loan Amount: BDT40 lac (Inclusive of Insurance) No hidden cost.
  • Maximum Loan Tenure: 5 Years (Reconditions), 6 Years (Brand New)
  • Equity Ratio: 50:50 (50% by Applicant)
  • Purpose of The Loan: Personal Use Only.
  • Loan Approval: 7 Working Days (Upon Fulfillment of Documents).

Eligibility

  • Minimum Monthly Income: BDT 50,000.
  • Minimum Job Experience: 3 Year.
  • Age Requirement: 23 Years to 60 Years.

Max. Financing Amount: BDT 4000000 & 50% of Car Value.

Standard Chartered Bank

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

  • Processing Fee: 1% of the approved loan amount.
  • Early Adjustment Fee: 2% of outstanding amount.
  • Partial Payment Fee: 2% of the prepayment amount.
  • Penal Charge: 2% on the arrears amount.

Features

  • Standard Chartered Bank Saadiq Auto Finance's interest rate may vary from 11.5% to 12.5% depending on customer category. (Floating (Variable) Interest)
  • Min. financing Amount: BDT 500000
  • Max. Financing Amount: BDT 4000000 & 50% of Car Value.
  • Min. loan tenure: 1 year & Max. Loan tenure: 7 year.
  • Approval duration: Standard Chartered Bank may take approximately 20 working days to approve and review your loan request.
  • days to approve and review your loan request. Age requirement: Age 25years - 60years.
  • Min Income requirement: BDT48000 gross per month.

Eligibility

  • Minimum Income: BDT 40000.
  • Minimum Experience: 1 Years.
  • Age Requirement: 23 to 65 Years.

Maximum loan size will be Tk.15 Lac.

Pubali Bank Ltd.

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

  • Processing Fee: 1.5% of the approved loan amount.
  • Early Adjustment Fee: 2% of outstanding amount.
  • Partial Payment Fee: 2% of the prepayment amount.
  • Penal Charge: 2% on the arrears amount.

Features

  • Purchase of non-commercial new and reconditioned vehicles for personal use only.
  • 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%.
  • Monthly net income must be 3 times of loan installment.
  • Maximum loan size will be Tk.15 Lac
  • Maximum Term of Loan: 60 months.
  • Repayment Method: Equal Monthly Installment.

Eligibility

  • Minimum Income: BDT 50,000.
  • Minimum Experience: 1 Years.
  • Age Requirement: 23 to 65 Years.

Loan amount ranging from Tk.300,000 to Tk.4,000,000

Modhumoti Bank

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

  • Processing Fee: 1% of the approved loan amount.
  • Early Adjustment Fee: 1% of outstanding amount.
  • Partial Payment Fee: 2% of the prepayment amount.
  • Penal Charge: 1% on the arrears amount.
  • Floating Rate. 12.5%-15.5%

Features

  • Loan amount ranging from Tk.300,000 to Tk.4,000,000
  • No hidden charges
  • Car financing up to 50% of reconditioned or brand-new car.
  • Early full and partial settlement allowed.
  • Shortest Loan Processing Time.
  • Loan Tenor -12 to 60 months.
  • Processing Fee -1% of Loan Amount.
  • 0.50% less than the usual rate for vehicles purchase from Enlisted Car Vendors.

Eligibility

  • Minimum Monthly Income: BDT 30,000.
  • Minimum Job Experience: 1 Year.
  • Age Requirement: 23 Years to 60 Years.

Max. Financing Amount: BDT4000000 50% of car quotation price.

One Bank Ltd.

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

  • Processing Fee: 1% of the approved loan amount.
  • Early Adjustment Fee: 2% of outstanding amount.
  • Partial Payment Fee: 2% of the prepayment amount.
  • Penal Charge: 3% on the arrears amount.

Features

  • 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.
  • Min. financing Amount: BDT300000.
  • Max. Financing Amount: BDT4000000 50% of car quotation price.
  • Min. loan tenure: 1 year & Max. Loan tenure: 6 year.
  • Islamic / Conventional: Conventional.
  • Approval duration: One Bank may take approximately 7 working days to review and approve your loan request.

Eligibility

  • Minimum Income: BDT 40,000.
  • Minimum Job Experience: 1 Year.
  • Age Requirement: 23 Years to 60 Years.

Max. Financing Amount: BDT4000000 or 50% of car value whichever is lower.

Eastern Bank Ltd. (EBL)

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

  • Application quotation Fee: Tk. 1000
  • Processing Fee : 1% (approved loan amount)
  • Early Adjustment Fee: 2% if the first half tenure.
  • Partial Payment Fee: 2% of the partial amount.

Features

  • Interest Rate: 11.50% lowest interest rate is provided by EBL at this moment.
  • Max. Financing Amount: BDT4000000 or 50% of car value whichever is lower.
  • Min. loan tenure 1 year & Max. Loan tenure 5 year.
  • Approval duration: If all documents are okay, Eastern Bank may take approximately 1 month to be approved to get this loan.

Eligibility

  • Minimum Monthly Income: BDT 30000
  • Minimum Job Experience: 1 Year, 6month.
  • Age Requirement: 23 Years to 63 Years.

Loan amount: minimum BDT 300,000 and maximum BDT 40,00,000

Mutual Trust Bank Ltd. (MTBL)

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

  • Processing Fee: 1% of the approved loan amount.
  • Early Adjustment Fee: 2% of outstanding amount.
  • Partial Payment Fee: 2% of the prepayment amount.
  • Penal Charge: 1% on the arrears amount.

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

  • Minimum Monthly Income: BDT 30,000.
  • Minimum Job Experience: 3 Years.
  • Age Requirement: 23 Years to 60 Years.

Maximum Financing Amount: BDT4000000 Maximum 50% of the vehicle price

Prime Bank Ltd.

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

  • Processing Fee: 1% - 2% of the approved loan amount.
  • Early Adjustment Fee: 2% if applicant adjust below 25% disbursed loan.
  • Penal Charge: Additional 2% interest on the additional amount.
  • Partial Payment Fee: 2% of the prepayment amount.

Features

  • Interest Rate: 9.5% Special facilities for Professionals. Floating (Variable) Interest.
  • Max. Financing Amount: BDT4000000 Maximum 50% of the vehicle price but loan ceiling up to BDT 4000000.
  • Min. financing Amount: BDT 200000.
  • Min. loan tenure: 1 year & Max. Loan tenure 5 year.

Eligibility

  • Minimum Monthly Income: BDT 30000
  • Minimum Job Experience: 1 Years.
  • Age Requirement: 23 Years to 63 Years.

Maximum Financing Amount: BDT 4000000 OR Car Value (50:50)

City Bank Ltd.

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

  • Processing Fee: 0.50%-1% of the approved loan amount.
  • Early Settlement Fee: 2% of the loan outstanding.
  • Prepayment Fee: 1% of the prepaid amount.
  • Loan Re-scheduling Fee: 1% of loan outstanding.

Features

  • Max. Financing Amount: BDT 4000000 Or 50% of car Value.
  • Min. financing Amount: BDT 300000
  • Min. loan tenure: 1 year & Max. Loan tenure 5 year.
  • Islamic / Conventional: Islamic.
  • Approval duration: City Bank may take approximately 7 to 10 working days to approve and review your loan request.

Eligibility

  • Minimum Monthly Income: BDT 60,000.
  • Minimum Job Experience: 1 Year.
  • Age Requirement: 22 Years to 65 Years.

Maximum Financing Amount: BDT100000000 or 85% of car price.

IPDC Finance

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

  • Processing Fee: 2% of the approved loan amount.
  • Early Adjustment Fee: 2% of outstanding amount.
  • Partial Payment Fee: 2% of the prepayment amount.
  • Penal Charge: 1% on the arrears amount.

Features

  • Interest Rate: 10.75% IPDC Auto Loan has 10.7% interest rate for Salaried Executive and 11.20% for the Businessman.
  • Minimum financing Amount: BDT 500000.
  • Max. Financing Amount: BDT100000000 or 85% of car price for salaried employees, 75% for the businessmen.
  • Min. loan tenure: 1 year & Max. Loan tenure 6 year.
  • Approval duration: IPDC may take approximately 3 working days to review and approve your loan request.

Eligibility

  • Minimum Income: BDT 50,000.
  • Minimum Job Experience: 3 Years.
  • Age Requirement: 23 Years to 60 Years.

Equity Participation: Up to 80% of Car value.

IDLC Finance

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

  • Processing Fee: 1% of the approved loan amount.
  • Early Settlement Fee: 2% of the loan outstanding.
  • Late payment Fee: 2% of the prepaid amount.
  • Partial Payment: 2% on partial amount.

Features

  • Equity Participation: Up to 80% of Car value.
  • Loan Range: Minimum: BDT 300,000.
  • Maximum: BDT 50,000,000
  • Loan Repayment Tenure: Minimum: 1 Year.
  • Maximum: 6 years.

Eligibility

  • Minimum Monthly Income: BDT 40,000
  • Minimum Job Experience: 2 Years.
  • Age Requirement: 22 Years to 60 Years.

Loan facility up to 90% of vehicle price but not exceeding BDT 15.00 million for individual client.

Lanka Bangla Finance

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

  • Processing Fee: 0.50%-1% of the approved loan amount.
  • Early Adjustment Fee: 2% of outstanding amount.
  • Partial Payment Fee: 2% of the prepayment amount.
  • Penal Charge: 4% on the arrears amount.

Features

  • Loan facility up to 90% of vehicle price but not exceeding BDT 15.00 million for individual client.
  • Up to 100% loan facility for institution/organization.
  • 100% loan facility for the individual customer secured by full or partial TDR/ FDR and for the employee of specialized corporate.
  • Three (3) months grace/moratorium period facility for salaried individual.
  • Loan facility for both individual and institution/ organizational name.
  • Early settlement & partial pre-payment facility.

Eligibility

  • Salaried person, businessman, self-employed, or a person who has fixed rental income.
  • Minimum justified net income of BDT 30,000/
  • Having 2 years’ service & 3 years’ experience in the related business.
  • Loan tenure from 12 to 72 months.

Disclaimer: At Loanbazaarbd.com, we strive to keep our information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products and services are presented without warranty. Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first.

F.A.Q

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.