Name of the Organization : Pubali Bank Limited
Type of Facility : Apply For Car Loan
Country : Bangladesh
Website : http://www.pubalibangla.com/Car-Loan.asp
Apply For Car Loan :
General Information:
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.
Related : Pubali Bank Bangladesh Demand Loan : www.statusin.org/6715.html
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.
Customer Segment:
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 Organisations), 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.
Minimum Income:
Monthly net income must be 3 times of loan installment.
Loan Size:
Maximum loan size will be Tk.15 Lac
Loan to Price Ratio
Loan amount can not exceed 65% of the vehicle price in case of minimum downpayment @ 35% in cash. In case of FDR minimum security @ 35% of the vehicle price and loan amount will be 100%.
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.
Legal Documents:
** Demand Promissory Note
** DP Note Delivery letter
** Letter of Undertaking
** Letter of Hypothecation
** Personal Guarantee letter
** Hire Purchase Agreement
Penal Interest :
Penal interest shall be charged @ 2% over the normal rate on the defaulted installment.
Maximum Term of Loan:
60 months
Repayment Method:
Equal Monthly Installment
Disbursement Mode:
After loan approval vendor will receive a facility confirmation letter. On the basis of that vehicle will be registered in the name of the bank. After registration, vendor will be paid the total value of the vehicle in the form of Pay Order. Customer should pay the down-payment/total value prior to issuance of facility confirmation letter.
Disbursement pre-condition:
Comprehensive Insurance coverage and Registration Document must be in place before giving the Pay Order. Registration of vehicle must be done by the agent and shall be confirmed by the bank official.
Debt Burden Ratio (DBR%):
Debt Burden ratio to be maintained at minimum 33% at all times.
Verification of Personal Details and Quotation:
Details of an applicant to be verified by the agent before an approval is accorded.
** Letter from employer with details of employment and salary
** Borrower and Guarantors (if any) details (addresses – both present and permanent, all telephone numbers of residence, office & mobile no.)
** Personal net-worth statement
** Car quotation
** Bank statement
Substantiation of Income:
Proper substantiation of income will be mandatory.
All or any of the following original / true copy of original (accepted only after seeing the originals) documents are accepted for the purpose:
** Last Tax Return and latest income tax clearance certificate
** Bank Statements for minimum last 6 months
** Personal Net-Worth Statement
** Any other document that may stand as a proof of income
For any query please Contact at:
Tel: (PABX) 9551614
FAX: 880-2-9564009 or
Email us at gsdd@pubalibankbd.com