If you are thinking of buying a motorcycle and you don’t have the required cash, you can take a Motorcycle Loans in Bangladesh. Here we help you compare motorcycle loans from multiple lenders. We have tried to share the information of all the lenders which will help you to find the best motorcycle loan for you.
How to choose the best motorcycle loan in 2024?
We looked at several popular motorcycle lenders, including banks, financial institutions, and online lenders, and realized a wide range of the best motorcycle lenders and borrowers. Here are the details of those who provide easy loans with the most flexible terms. However, sometimes it is possible to finance a motorcycle through the manufacturer for special days when they offer special rates, during which time you can save a lot of money if you can take up the offer, such as:
| Bank Name | Loan Amount | Loan Value | Tenor in Month |
|---|---|---|---|
| City Bank Limited | Up to BDT 10 lac | 80% of the bike retail price | 6-36 months |
| Easter Bank Limited | Up to BDT 4 lac | Highest 70% of the bike price | 6-60 months |
| Uttara Bank Limited | Up to BDT 1 lac | Maximum 50% of the bike price | 6-60 months |
Which motorcycle loan is right for you?
The best way to get the best motorcycle loan for you is to compare rates and terms from multiple lenders before a motorcycle purchase or motorcycle refinance on your scooter, sport bike, cruiser, moped, and touring bike.
Best Motorcycle Loans in 2024
Here are some of the ways to find the best motorcycle loan: low-interest rates, soft credit pulses, and competitive terms and fees. The right motorcycle financing option for you can vary based on your credit score, the make and year of your bike, the terms of the loan, and the amount you’re borrowing.
How do motorcycle loans work?
Motorcycle loans may be secured or unsecured. A secured loan might have a lower rate, but the lender can also repossess your bike if you fail to make payments. The advantage of an unsecured personal loan is no vehicle-related paperwork.
Motorcycle loans work a little differently than auto loans, but applying for a new or used motorcycle loan is quite similar:
Check your credit score:
- If your score is lower than you expected, check your credit report for errors that could be dragging it down. The higher your score, the better the motorcycle loan rate you’ll receive.
Prepare the paperwork:
You may need to show proof of income and other documents to potential lenders. Lenders will also want to know:
- The motorcycle makes and year (it’s OK if this isn’t set in stone)
- The estimated loan amount, including the price of the motorcycle, helmet, gloves, and other protective gear, as well as sales tax and registration fees.
Get pre-approved for a motorcycle loan:
- Apply to multiple lenders so you can compare rates and terms.
Motorcycle Loans Eligibility
Loan eligibility depends on the lender as well as the loan, generally it is calculated on fundamentals like interest rate, location of borrower, tenure of loan, nature of employment, gross monthly salary, other debt obligations and market value.
Check your Eligibility here
| Title | Details |
|---|---|
| Age | Minimum 21 years to 60 years (At the time of application) |
| Working Experience | · Salaried: Minimum 1 year · Professionals: Minimum 2 years of practice · Businessman: Minimum 2 years |
Required Documents
| Title | Details |
| Common | Passport-size photographs of the applicant(s) and guarantor (s). Photocopy of NID/Passport of applicant (s) and guarantor (s). Latest Utility Bill (Gas/Water/Electricity). Price Quotation for Motorcycle to be purchased. Business Card/Office of the applicant (s) and guarantor (s) if any. Latest Tax Certificate / E-TIN. Personal Net Worth statements of the applicant (s) and guarantor (s). Bank Statement of last 12 months for businessmen and 6 months for others. Joint Registration of the motorcycle (Borrower & Bank) . Salary Certificate / Letter of Introduction from the employer. Employer Certificate issued by the concerned Institution. |
| Service Holders | Original copy of salary certificate or pay slip. Minimum 3 months bank statement from the salary account. Business card or office ID photocopy. |
| Freelancer | Experience: Minimum 2 years of continuous work experience as per Govt. approved ID card. Income: Average of last 6 months bank reflection with minimum BDT 20000. |
| Businessman | Copy of Up-to-date Trade License. Copy of Memorandum & Articles of Association. Certificate of Incorporation. Latest Form XII. Registered Partnership Deed. Two years of bank transaction record. |
Frequently Asked Question (FAQs) About Motorcycle Loans in Bangladesh
Q: Should I get a loan for a motorcycle?
A: If a motorcycle is your primary mode of transportation and you don’t have the cash to buy this bike, buying a motorcycle becomes a burden. So, anyone can borrow or take a loan from a bank or financial institution. Since motorcycles are generally less expensive than cars, it is wise to buy a motorcycle on loan.
Q: Is it hard to get a loan for a motorcycle?
A: No, you can find motorcycle loans from many financial institutions such as banks, financial institutions, online lenders, and direct from manufacturers. It is true that some auto loan providers do not always finance motorcycles, but one can avail the alternative from borrowers with good credit profiles.
Q: Where is the best place to get a motorcycle loan?
A: The best place to get a motorcycle loan is where you can get the lowest rate of interest with easy terms and conditions.
Q: Who are eligible to get a Motorcycle loan in Bangladesh?
A: Bangladeshi people and their professions are Salaried Executives, businessmen, professionals & landlords/Lady, Contractual Employees, and Freelancers.
Q: What is the repayment system of Motorcycle Loans?
A: Equal Monthly Instalment.
Q: Who will be the Personal Guarantee of the Loan?
A: Spouse/Parent.
Q: What are the unique benefits for women?
A: Some institutes offer 100% loan amount of the purchase cost.