IFIC Auto Loan

An auto loan allows someone to borrow money to purchase a private vehicle. IFIC Bank Auto Loans are generally easy-interest loans that are repaid within three or five years. It is considered a secured mortgage loan and IFIC Bank can lend up to a maximum of Tk.  40 lac.

IFIC Auto Loan Features:

• Loan amount: up to BDT. 40,000,00.00
• Loan tenor: 12 months to 60 months
• Re-payment method: Equal Monthly Installments
• Early Full and partial settlement allowed.

Loan Details

• Interest Rate      9.00%
• Loan Amount      Up to BDT. 40,000,00.00

Read: IFIC Salary Loan

Required Documents

• Copy of National ID card
• 2 copy passport-size photographs of intending borrower and guarantor
• Letter of Introduction from Employer (for the salaried customer), Bank Statement (For last 6 months)
• Salary Certificate/Trade License
• TIN Certificate latest copy
• Utility bills copy for address verification, if available.

Finally, working people usually dream of owning a car earlier as all the family members are busy commuting to and from school, college, or the office. So, to make the dream a reality, IFIC Bank offers auto loans with flexible, affordable, and convenient packages.

Frequently Asked Questions (FAQs) on IFIC Auto Loan

Q: How old must I be to qualify for a car loan with IFIC?
A: You need to be at least 18 years old to qualify for an IFIC auto loan.

Q: What are the requirements to apply for an IFIC Auto loan?
A: The required documents for the loan application are:

• National ID
• Company ID or Certificate of Employment (COE)
• Last six months’ bank statement
• Salary Certificate.

Q: What are the available payment terms for IFIC Auto loans?
A: IFIC Bank offers flexible payment terms ranging from 12 months to 60 months.

Q: Is there a processing fee when availing of a salary loan from IFIC?
A: Yes, there is a processing fee deducted from the loan proceeds as per Bangladesh Bank policy.

Q: What is the interest rate when availing of an auto loan from IFIC?
A: IFIC Bank’s interest rate for auto loans is 9.00%.

Q: Is there any interest in advance for IFIC auto loans?
A: No, because advance is not considered a loan, there is no interest charged.

Q: What is the payment mode for IFIC auto loans?
A: The payment mode for the loan is on an Equal Monthly Installment basis for up to 60 months.

Q: How can I apply for an IFIC auto loan?
A: If you are eligible for the loan and have the required documents ready, you can apply at the nearest branch or call 24/7 @16255 or 09666716255 for loan-related information.