IDLC Car Loan

Table of Contents

IDLC Car Loan is a money a consumer borrows to buy a dream car. A car loan generally refers to the amount of money that a person borrows from a financial institution to buy a personal car. When taking a loan, a borrower agrees to repay the entire loan amount, as well as interest (a percentage of the loan amount, usually calculated on an annual basis), by a specified date, usually monthly.

Loan Features

Loan Tenure: Maximum 6 years
Loan Amount: Financing up to 85% of the vehicle price including registration costs
Fastest Turn Around Time in the industry
Special arrangements with renowned vehicle dealers
Full / partial early payment option of the loan amount before the expiry
Technical advisory service through vehicle diagnostic report.

Eligibility Criteria

You can apply for this loan any time if you have the following list:

Regular income from a sustainable & valid source of employment or business
Just 12 months of work experience [for service holders] or 3 years of business experience (for self-employed)
Age of the main income earner should be within 65 years at the end of the proposed loan tenure.
Manufacturing year / Model of the vehicle should not be more than 5 years old.

How can I avail the loan?

You can avail this facility to purchase a brand new or reconditioned noncommercial private vehicle such as Sedan car, SUV, Jeep, Microbus etc for personal or family use.

Required Documents

Copy of NID (Applicants & Guarantors)
Photographs (Applicants & Guarantors)
Latest utility bill (Preferably electricity bill)
Latest 1 year bank statements
Latest tax related documents
Latest Salary certificate + Pay slips/ Income related documents
For business profiles, documents permission-related mission related issues from necessary authorities (if applicable)
Acceptance of Car quotation from vendor.

FAQs about IDLC Car Loan

Q1: What age range is eligible for a Car Loan?
A1: Applicants must be between 22 and 60 years old, with the age not exceeding 65 years at the end of the proposed loan tenure.

Q2: What income criteria are required for eligibility?
A2:

For individual applicants: A sustainable and valid source of employment or business with a monthly income of BDT 40,000 (profession-dependent).
For joint applicants: A combined monthly income of BDT 50,000, inclusive of the co-borrower’s income.

Q3: What employment record is necessary for eligibility?
A3:

For salaried individuals: 12 months of continuous employment with the present employer.
For self-employed individuals: A minimum of 3 years of business experience.

Q4: What is the limitation on the manufacturing year/model of the vehicle?
A4: The manufacturing year/model of the vehicle should not be more than 5 years old.

Q5: How much of the vehicle price can be availed as a loan?
A5: Applicants can avail up to 85% of the vehicle price, including registration costs.

Q6: What determines the interest rate for an IDLC car loan?
A6: The IDLC car loan interest rate is influenced by various factors such as the applicant’s income, loan amount, and whether the car is new or used.

Q7: Where can I apply for a Car Loan online?
A7: For information regarding the online application process, please visit the official IDLC website or contact our customer service for assistance.