Auto Loan by Bank Asia

Bank Asia Limited is a second-generation private commercial bank in Bangladesh which was established and incorporated in 1999. Bank Asia Limited started its service with a vision to serve all segments of the people by maintaining the very best standard with modern and innovative banking products and services at an affordable charge.

Now it has 129 Branches and 5000 Agent Outlets which are functioning throughout the country. Along with other products Bank Asia Limited offered a loan product namely Auto Loan in order to purchase brand new and reconditioned vehicles for personal use. Auto Loan by Bank Asia makes it easier to accomplish your dream to have your own car in an easy and simple way.

Loan Features:

1. Loan amount: minimum BDT 300,000 and maximum BDT 40,00,000
2. Repayment tenure: maximum 5 years for reconditioned car and 6 years for a brand new car
3. Payment method: Equal Monthly Installment
4. Competitive interest rate
5. No hidden cost

Read Also: How to get a Car Loan in Bangladesh?

Customer Segment

Any Bangladeshi individual who has the means and capacity to repay bank loan; In specific terms,

• Salaried employees of multinational  companies and medium to large size local corporate office
• Government officials.
• Officials working in reputed NGOs (Non-Government Organizations)
• international aid agencies & UN bodies
• any tax-paying businessmen
• Self-employed individuals and tax-paying individuals have a reliable source of income.

Required Documentation for Auto Loan by Bank Asia:

Documents for the borrower;

1. Copy of NID.
2. Recent passport size Photographs.
3. Latest utility bill (Preferably electricity bill)
4. Latest 1 year bank statements
5. Latest tax-related documents
6. Visiting Card.
7. Letter of Introduction from the employer for a service holder.
8. Two Personal Guarantees (Spouse/Parents/Immediate Relatives and An Individual Acceptable to The Bank.
9. Latest Salary certificate + Pay slips/ Income related documents
10. For business profiles, documents related to any permission related issues from necessary authorities (if applicable)
11. Acceptance of Car quotation from vendor (vehicle is hypothecated to the bank only.)

Documents for Guarantor;

1. Recent passport size Photograph.
2. Copy Of Valid NID/Birth Certificate/ Bangladesh Passport/ Driving License.
3. Visiting Card
4. If the guarantor is a businessman up to date trade license.
5. Guarantor Details (Present and Permanent Address, Telephone Number of Residence and Office & Mobile Number)
6. Any Other Document That May Stand as A Proof of Income
7. Utility Bills

Eligibility:

Age limit: Minimum 23 years, Maximum 65 years at loan maturity

Charges & Fees:

• Penal Interest charged 2% per month on overdue amount
• Processing fee is borne by the borrower @0.50% of the sanctioned amount but not exceeding Tk. 15,000.
• Partial / Final prepayment: 0.50% on prepayment amount
• All relevant stamp  & CIB charges will be realized from the borrower(s)

For details, you can physically go to any of their branch and agent outlets. Also, can call 16205 and +88 096170 16205  FROM ANYWHERE 24 hours, 7 days a week and visit their official website: https://www.bankasia-bd.com/retail/consumer