BRAC Bank Auto Loan

Drive away your dream car with BRAC Bank Auto Loan. Competitive interest rates, flexible repayment options, and partnerships with top car vendors in Bangladesh. Get pre-approved today!

What is BRAC bank auto loan?

A BRAC Bank customer can take a loan from BRAC Bank at any time up to a maximum of BDT 40 lac for 6 years. BRAC Bank offers attractive interest rates and a 50% loan of the total car purchase value. BRAC Bank Car Loan is applicable for an employee, businessman, professional, or landlord who can apply for this loan under specific categories under easy conditions.

BRAC Bank Auto Loan Fee

You need to think of your auto loan fees like any other fee for your hobby car purchase Two major fees that are important to review are origination fees and documentation fees. The documentation fee will cover the lender’s cost of securing your loan. The origination fee is the amount you pay to secure the loan.

Auto Loan Terms to know before purchase for an auto loan, make clear these terms:

  • Interest rate
  • Annual percentage rate (APR)
  • Down payment
  • Loan term
  • Principal
  • Total cost of the loan

BRAC Bank Auto Loan Benefits

  • Interest Rate: 8.50% – 9.00%
  • Loan Amount: Up to BDT 40 lac
  • Loan Tenure: Up to 6 years
  • Minimum Income Required: BDT 30,000 (monthly)
  • Processing fee: Up to 0.50% of the loan amount or BDT 15,000 whichever is lower
  • Early Settlement Fee: Up to 0.50% on the outstanding amount
  • Restructure of Loan Tenure (Tenure Change): Up to 0.25% of the loan outstanding amount or BDT 10,000.00 whichever is lower
  • Penal Interest: Penal Interest Up to 2% per annum on the overdue amount
  • Used Car Valuation & Registration Verification: At actual

BRAC Bank Auto Loan Features

  • Up to 50% of the quoted value of the car
  • Flexible repayment tenures
  • No collateral or cash securities are required.
  • Flexible repayment EMIs over a period between 12 months to 72 months
  • Loan top-up and takeover facility
  • Minimal documentation and hassle-free application process
  • Applicable for brand-new and reconditioned cars.

BRAC Bank Auto Loan Eligibility

Here are the eligibility criteria for BRAC Bank auto loan:

  • Must be between 25 and 65 years old at the loan maturity date
  • Minimum monthly income:
    • BDT 25,000 for salaried individuals
    • BDT 35,000 for all others
  • Minimum work experience:
    • Salaried individuals: Confirmed employment with a total of 1 year
    • Business owners: Minimum 3 years in business

Required Documents to apply for BRAC Bank Auto Loan

Here are the documents you need to submit when applying for a personal loan from BRAC Bank:

  • Latest one-year personal bank statement
  • Photocopy of national ID
  • One copy passport size photograph of the applicant
  • One copy of passport size photograph of the guarantor
  • Price quotation of the vehicle
  • Business card/visiting card of the application
  • Latest Tax clearance certificate /return receipt of tax*

Additional Required Documents

  • Salaried Individuals: Letter of introduction stating salary from your employer
  • Business Owners: Copy of trade license, company bank statements for the last year, and Memorandum of Articles (for Ltd. companies)
  • Self-Employed Individuals: Professional certificate issued by a recognized institution
  • Landlords: Valid property documents and rent receipts/deed

FAQs: BRAC Bank Auto Loan

Q1: How do I apply for a BRAC Bank Auto Loan?
A: You can apply for a BRAC Bank auto loan by visiting the bank’s official website, the nearest branch, or through online application.

Q2: What is the maximum loan amount?
A: The maximum loan amount for a BRAC Bank Auto Loan is BDT 40 lac.

Q3: What is the maximum loan tenure?
A: The maximum loan tenure for a BRAC Bank Auto Loan is 72 months.

Q4: What is the minimum age to get an auto loan?
A: The minimum age to get a BRAC Bank Auto Loan is 25 years.

Q5: What is the maximum age to get an auto loan?
A: The maximum age to get a BRAC Bank Auto Loan is 65 years.

Q6: How can I pay my BRAC Bank Auto Loan EMIs?
A: You can pay your BRAC Bank Auto Loan EMIs using post-dated cheques, Electronic Clearing Service, or cash at the nearest branch.

Q7: How can I foreclose my BRAC Bank Auto Loan?
A: To foreclose a BRAC Bank auto loan, request a foreclosure statement from the bank. Visit the nearest loan center, submit your request, and the bank will guide you through the process.

Q8: How to check BRAC Bank’s loan status?
A: Check the status of your BRAC Bank loan by calling the bank’s hotline number 16221. You can also use their online portal by logging in with your information. If time permits, visit the bank branch and meet the responsible officer to know the status of your loan.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.