Mercantile Bank Car Loan

Mercantile Bank Car Loan

A Very Interesting and Flexible Package With No Processing Fee

Key Product Features

Interest Rate 14.00%
Interest rate may be lower for middle-class people.

Floating (Variable) Interest
N/A
Min. financing Amount BDT100000
Max. financing Amount BDT2000000 50%
Min. loan tenure 1 year
Max. loan tenure 5 year
Islamic / Conventional Conventional
Approval duration Mercantile Bank may take approximately 1 month to be approved to get this loan.

Fees and Charges

One time set-up Penalties
Processing fee
No Processing Fee.

Sanction letter fee
N/A
Early Settlement
2% on overdue amount.

Late Payment Charges
2% on overdue amount.
Other Charges

Loan application form BDT 200.

Eligibility

Age requirement
Age 21years - 60years

Min Income requirement
BDT25000 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
Yes.
Allows joint applicant?
No
Car Insurance
1st Class Insurance Required.
Security

Hypothecation over the car.

Guarantor
You just need only two guarantors to be approved to get this loan.

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).

ADDITIONAL DOCUMENTS

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 issue 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 letterhead 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 to all kind of charges and fees.

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