Mercantile Bank Car Loan

When a customer borrows money from a bank to buy a car, it is called a car loan. To buy a car, the lender gives a repayable loan to a customer in monthly installments called loan payments. The customer’s monthly installments/payments will depend on his loan amount, loan tenure, and how much interest you have to pay during the loan period.

Mercantile Bank Car Loan Features

  • Loan amount: BDT 40 lac maximum
  • Equity ratio: 50:50
  • Loan tenor: 72 months brand new and 60 months for reconditioned vehicle
  • Loan Application fee: Not applicable.

Eligibility Criteria

  • Only Bangladeshi National
  • Salaried Person
  • Professional/Self-employed
  • Businessman

Purpose of the Mercantile Bank Car Loan

  • To purchase a brand new or reconditioned vehicle.

Required Documents

  • Employer’s Certificate (stipulating monthly remuneration) for service holder.
  • National ID & TIN certificate
  • PNS (Personal Net-worth Statement)
  • Bank Account Statement for the last 12 months
  • Trade license (applicable for businessmen)
  • Photocopy of Passport, Telephone (T&T) bill if any
  • Income supported by documents
  • Quotation accepted by the customer duly verified by the branch official

Frequently Asked Questions (FAQs) on Mercantile Bank Car Loan

Q1: What is a car loan?
A: A car loan is a type of personal loan specifically designed for the purchase of a car.

Q2: What is the loan tenure of this Car Loan?
A: The loan tenure for the Car Loan from Mercantile Bank is up to 72 months.

Q3: What is the interest rate for a Car Loan?
A: The interest rate for the Car Loan is 9.00%.

Q4: What is the age limit of the loan?
A: The age limit for applicants is 21 years to 65 years.

Q5: Who can apply for a car loan from Mercantile Bank?
A: You can apply for a car loan by visiting the nearest branch or contacting us through mobile phone or TnT at 16225.

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