Let’s get real. In the current world, owning a car is not a luxury anymore but rather a necessity. Cars are no longer symbols of class and prestige but rather a necessity of convenience. Yet the one thing that we must still accept is that buying a car is still not easy. The amount of money required is still lump sum.
Because of this, many people who require cars will need loans to facilitate their dream, I am one. In Bangladesh however many banks are often ready to turn this dream into a reality through their car loan facility.
But before they do that, banks will require you to meet all their requirements. In case you live in Bangladesh, here are some of the requirements that you must meet before getting a car loan.
Manufacturing Year
For many banks, Trust Bank Limited inclusive, the manufacturing year of the car in question must be within five years of the application date. Banks will only fund a car that meets the standards of roadworthiness. Any car that falls below five years and especially those that go beyond 8 years will be automatically disqualified for car loans in Bangladesh.
Comprehensive Cover
Any car covered by a car loan means one thing; the person buying the car and the bank share ownership of the vehicle. For the vehicle to remain safe it has to be fully protected from any form of eventuality including fire, theft, and accidents. Banks will therefore insist on comprehensive insurance policy for the vehicle. This offers immunity on damage.
The Applicant’s Age
The minimum age for any car loan applicant must be at or between 21 years and 60 years at the time of application. Meaning your car loan cannot go beyond the retirement age. Many banks believe that taking a loan within these years allows you to have flexible terms of payments that will ensure your loan grows lower by the time you are ready to retire.
Capacity to Repay
In Bangladesh one key factor that also stands out is the ability to repay the loan. An individual who has the means to repay the bank the car loan plus the interest will be eligible to getting a loan. Your credibility to do that will be looked at through your credit score, previous loan repayment procedure, and the presence of a continuous form of income.
Needed Documents
Other banks will also require you to present specific forms of documents for the same process. Banks such as Pubali Bank Limited use the most commonly sought after documents. These documents will include the latest income tax certificate, your bank statement for the previous six months, and any other document that might stand as proof of income.
If you are looking for how to apply for car loans in Bangladesh you should keep an eye on how the best banks do it. Overall, most banks in Bangladesh will keep an eye for these requirements that we have mentioned above.
