Mercantile Bank Car Loan
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- Tuesday09:00 AM - 05:00 PM
- Wednesday09:00 AM - 05:00 PM
- Thursday09:00 AM - 05:00 PM
- Friday09:00 AM - 05:00 PM
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- Financial Amount (min to max): BDT 100,000 – 2,000,000
- Loan Tenure (min to max): 1 – 5 years
- Interest rate: 14%
- Min. Salary requirement: BDT 25,000
- Age requirements (min-max): 22 – 60 years
Employment Eligibility
- Salaried Employee
- Self Employed
- Land Owner
Some other important info:
Max. financing Amount : BDT50000000 70% of the car quotation value
Min. loan tenure :1 year
Max. loan tenure: 5 year
Islamic / Conventional: Conventional
Processing fee:
No Processing Fee.
Early Settlement:
2% on approved loan amount.
Late Payment Charges
2% on overdue amount.
Other Charges
Loan application form BDT 200.
Other requirements
Car Registration
Joint Registration of the vehicle under the names of both the borrower(s) and bank.
Allows joint applicant?
Yes
Car Insurance
Comprehensive 1st party insurance coverage of asset favoring the bank.
Security
Hypothecated over the car and postdated check.
Guarantor
You just need only two guarantors to be approved to get this loan.
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