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.