
Brac Bank Auto Loan
A Very Flexible Package With Only 11.25% Interest Rate and Fixed Rate Facility.
Key Product Features
Interest Rate |
11.75% Interest Rate varies from 11.25% to 12.50% depending on the loan amount and customer segment. 12.5% for the Businessmen. Floating (Variable) Interest N/A |
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Min. financing Amount | BDT200000 |
Max. financing Amount | BDT4000000 4000000 |
Min. loan tenure | 1 year |
Max. loan tenure | 5 year |
Islamic / Conventional | Conventional |
Approval duration | If all documents are okay, Brac Bank may take approximately 2-5 working days to be approved to get this loan. |
Fees and Charges
One time set-up | Penalties |
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Processing fee 0.5% on approved loan amount. Sanction letter fee N/A |
Early Settlement 2% (within 3 years), 1% (after 3 years and before expiry). Late Payment Charges 2% per month on overdue amount. |
Other Charges
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Eligibility
Age requirement
Age 25years - 65years
Min Income requirement
BDT30000 gross per month
Employment Eligibility
Car Registration
Joint registration mandatory.
Allows joint applicant?
Yes
Car Insurance
1st Party Insurance.
Security
You just need only one guarantor to be approved to get this loan.
Age 25years - 65years
Min Income requirement
BDT30000 gross per month
Employment Eligibility
- Salaried Employee
- Self Employed
- Land Owner
- Available for Salaried individuals, Business Persons, Self Employed & Landlord.
- Length of service: Confirmed employment with total 1 year work experience.
- Age of Business: Minimum 2 years.
Other requirements
Car Registration
Joint registration mandatory.
Allows joint applicant?
Yes
Car Insurance
1st Party Insurance.
Security
Hypothecation over the car.
GuarantorYou just need only one guarantor to be approved to get this loan.
Brac Bank Auto Loan
Required Documents
Documents Required:
- Latest one year's personal bank statement.
- Photocopy of national ID/Passport.
- One copy passport size photograph of the applicant.
- One copy passport size photograph of guarantor.
- Price quotation of the vehicle.
- Business card/ visiting card of the applicant.
- Personal TIN certificate.
Additional documents required for salaried person:
- Letter of Introduction stating salary, issued by the employer.
Additional documents required for business person:
- Copy of Trade License.
- Company’s bank statement for last one year.
- Memorandum of Articles for Limited Liability Company.
Additional documents required for self employed person:
- Professional Certificate issued by authorized institution.
Additional documents required for landlord:
- Valid documents of the property, Rent receipt/deed.
Additional Information
- #Minimum monthly Income is BDT 30,000 (for salaried); BDT 35,000 (for others).
- #Minimum Age requirement 25 Years at the time of application.
- #Maximum Age is 65 Years at the time of maturity.
- #For Reconditioned Cars, Loan Is Applicable For Upto 5 Years Old Model.
- #50% down payment needed. The rest can be taken from the bank.