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Mr. sumon gets a salary of TK. 1 lakh per month. Neighbors, relatives say, this time he took the car with him. The boy shows the picture of this car today and tomorrow, he listens to the price calculation. But Mr. Himshim Khan Abedin has to work hard to buy a car with the money he has saved by renting a house, household expenses, children's education, etc. I think Delhi is far away.
Many will find their similarities with this fictional story. The solution for them is a bank loan. Banks offer specially arranged ‘car loans’ for buying cars. The car dealers also provide loans.
Mohammad Mosiul Awal, an official with Progress Motors, a car dealership in Banani, spoke about the loan process.
He said, “There is a loan facility for buying new and reconditioned cars, you have to pay the full price in cash to buy a used car. Loans from the bank will match 50 to 60 percent of the price of the car. ”
"If you have to take a loan on the basis of a salary account, the minimum salary should be Rs 50,000. The term of the loan will be three to four years, and the interest will be 10 to 11 percent. However, there is a possibility of lowering the interest rate for taking a loan through a car dealer. ”
He added, “Loans equal to the price of a car are not usually available. Somewhat less available. So after getting the loan, the buyer has to pay the remaining amount in cash. The bank will then pay the seller the price of the car through a pay order. The vehicle registration process will start at this stage. ”
The vehicle will be registered in the name of both the buyer and the bank. At present, the registration cost up to 1000 cc is Tk 55,000, up to 1,500 cc is Tk 110,000 and up to 2,000 cc is Tk 125,000. You will need first party insurance which will depend on the price of the car. It can be 30 thousand to 1 lakh rupees.
Awal said, “It will take a maximum of two days to register. This is the end of our work. ”
"The rule for repaying the loan is that the bank will have to sign and deposit as many blank checks as there are installments at the time of buying the car. The bank will take the money from the account by putting the amount of installment amount in it every month. The bank will try to contact the buyer if there is not enough money in the account at the time of withdrawal. If three consecutive installments are unpaid and it is not possible to contact the borrower, the bank will start the process of seizing the vehicle. In the process, the bank staff will monitor the car.
"In case of delay in payment of installments or in case of financial problems, you have to contact the bank and ask for time. If the car is confiscated again, if you go to the bank quickly and pay the arrears and fines, the car will be returned again. Once the loan is repaid, the bank will issue a 'No Objection Certificate'. If this paper is submitted to BRTA, the car ownership will be completely changed in the name of the buyer. ” The car seller said.
Apart from banks, there are opportunities to take loans from various financial institutions.
Saiful Anam was employed in such an organization for a long time.
In the light of previous experience, he said, “There are about 30 to 35 such institutions in the country. Of these, only those who have retail banking or consumer banking have other personal loans, including car loans. Among them, Lanka Bangla, IDLC, Uttara Finance, Union Capital, International Leasing, FAS Finance, People's Leasing, Delta BRAC Housing Finance are some of the leading companies. ”
“The credit eligibility limit for borrowing from these institutions is somewhat relaxed compared to banks. Applications can be made only if the minimum salary of a paid loan candidate is Tk 20,000. In order to get a loan from a bank, the job age of the candidate is required to be at least two years, but in case of financial institution, one can apply even if it is one year. Additional benefits can also be availed in the case of loan terms. ”
"However, if you want to take a loan from these institutions, you have to pay more interest. And no matter where the loan is taken from, the borrower will not be able to repay more than the stipulated amount even if he wants to for the first six months.
Keep in mind that no bank or financial institution provides loans for the purchase of second hand cars. And if you don't buy it, there is also the cost of keeping the car.
So consider all aspects before taking a loan for a car.
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