“Car Loan” is a loan facility for aiding individuals in their pursuit of having a car. The facility becomes affordable to the clients as the repayment is done through fixed installments commonly known as EMI (equal monthly installment) across the facility period. This product will allow vehicle financing to the customer segment in terms of REFL’s policy.
WHOM DO WE FINANCE?
- Nationality: Bangladeshi Citizen
- Contact-worthy: Any psychologically sound person over 22 years of age.
- Service-holders: Any employed person with a service length of at least one year.
- Self Employed and Business People: An individual has to possess at least 3 (three) years experience in case of business person or self employed professional.
Purpose of non-commercial new and recondition vehicles for personal use only.
MINIMUM MONTHLY INCOME
- Service-holders/Professionals: Taka 40,000 (including income of co-borrower, in case of joint application)
- Landlords: Taka 50,000
- Business Persons:
- Small and Medium Segment: Taka 50,000
- Corporate Segment : Taka 75,000
- NRB Service-holders : Taka 75,000;
- NRB Business Persons : Taka 100,000
- Maximum loan size will be Tk.15 Lac
TERMS AND CONDITIONS
The General Terms and Conditions are as follows:
MAXIMUM LOAN LIMIT AND TENURE
Maximum limit depends on
- Requirement and equity participation
- Merit of the proposal
MODE OF PAYMENT
- Equal monthly / quarterly Installment
- Structured repayment as per requirement to match the cash flow.
- Leased assets are to be duly insured covering all possible risk and premiums are to be paid by the lessee.
- Security/ Collateral.
- Hypothecation over the car (lien mark- Hire Purchase raised in the BRTA and blue book of the car).
- First party comprehensive insurance of the car (Policy must be renewed every year and copy of the policy must be submitted to the bank).
- Post dated cheques for each monthly installment.
- One undated cheque for full loan value including full interest to be taken in advance.
- Personal Guarantee of spouse/parents and an individual having minimum solvency/income not less than that of the borrower supported by income proof.
- Simple and quick processing
- Competitive rate of interest
- Continuous support
- No Charges or Fees before approval
- No hidden cost
- Financial flexibility
- Prompt service
- Partial and Full Payment Options