Brac Bank Auto Loan
A Very Flexible Package With Only 11.25% Interest Rate and Fixed Rate Facility.
Key Product Features
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
|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|
0.5% on approved loan amount.
Sanction letter fee
2% (within 3 years), 1% (after 3 years and before expiry).
Late Payment Charges
2% per month on overdue amount.
Age 25years - 65years
Min Income requirement
BDT30000 gross per month
- 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.
Joint registration mandatory.
Allows joint applicant?
1st Party Insurance.
Hypothecation over the car.Guarantor
You just need only one guarantor to be approved to get this loan.
Brac Bank Auto Loan
- 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.
- #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.