IDLC Car Loan

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?

  • 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?

  • 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.

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