Basic loan idea – how to get auto loan in Bangladesh
What is loan?
Loan is an amount of money advanced to a borrower, to be repaid at a later date, usually with interest. Legally, a loan is a contract between a buyer (the borrower) and a seller (the lender), enforceable under the Uniform Commercial Code in most states. The terms and conditions for repayment of a loan, including the finance charge or interest rate, are specified in a loan agreement. A loan may be payable on demand (a Demand Loan), in equal monthly installments (an installments loan). It is also define as when a lender gives money or property to a borrower and the borrower agrees to return the property or repay the borrowed money, along with interest, at a predetermined date in the future.
Requirements of Documents for Loan:
1) Photograph – (2 copies)
2) Passport/ National ID Card
3) Utility bill copy of Resident
4) Visiting Card
5) TIN Certificate
6) Offer letter & Bank statement of loan (previously taken from other banks)
7) Deed of agreement for (Home loan)
For Salaried Person:
1) Salary Certificate as per bank format
2) Pay slip (last 3 months)
3) Bank statement (last 06 months)
4) Office ID card copy
5) Previous Job Experience proof (If job length less than 2 years at present organization)
6) Guarantor’s Photograph & Sign (spouse only)
1) Trade license ( 2 years proof)
2) Memorandum of Articles & Association / Partnership Deed (which is available)
3) Bank Statement
i) Personal (Last 01 year)
ii) Company (Last 01 year)
4) LC copy / Work order / Dealership Certificate which is available
5) Guarantor’s Photograph & Sign (Spouse & Neighbor Businessman)
1) Ownership deed
2) Rental deed
3) Bank Statement (last 01 year)
4) Electricity Bill of Resident.
Where can you get an auto loan?
You can usually obtain an auto loan from the dealership you are purchasing from. If the establishment or private seller does not offer financing you can go to your personal bank to get an auto loan. Sometimes local credit unions will allow you to open an account with them, they usually have slightly more aggressive rates on auto loans but may require you to carry a balance with them.
Is auto loan is personal loan?
An auto loan and a personal loan have the similarity in that they are both loans. Personal loans can be secured or unsecured. Secured meaning that there is some form of collateral to back up the loan
How can a 17-year-old get an auto loan?
Wait until your next birthday. A minor cannot enter in to a legal contract, so no lender will give you a loan until you are at least 18. Even then, without a co-signer, it will be very difficult.
|This product will allow vehicle financing to the customer segment in terms of bank’s policy. Under this scheme, the vehicle is hypothecated to the bank only. In addition to this registration requirement, on a case to case basis, banks may also wish to secure the loan partially by the commonly acceptable form of cash/quasi cash securities available in the market.|
|Any Bangladeshi individual who has the means and capacity to repay bank loan. In specific terms, these could be salaried executives of multinational and middle to large size local corporate, Government officials, Officials working in reputed NGOs (Non Government Organizations), international aid agencies & UN bodies, any tax paying businessmen of repute, any employed / self-employed tax-paying individual having a reliable source of income.|
|Purpose Purchase of non-commercial new and reconditioned vehicles for personal use only.|