Social Islami Bank Auto Loan 2023

What is the purpose of Social Islami Bank Limited’s (SIBL) auto loan?

Purchase of brand new and reconditioned cars, jeeps, station wagons, 4-wheelers, and microbuses to a customer for personal use only.

The seller may include the registration cost along with the quotation price of the vehicle.

The age of the vehicle should not exceed 5 years from the date of manufacture.

Social Islami Bank Car/ Auto Loan Details

Interest RateUp to 11.00%
Processing FeeUp to T k. 50.00 Lac – @ 0.50% but not exceeding Tk. 15,000/-
Above 50.00 Lac -@ 0.30% but not exceeding Tk. 20,000/-
Loan AmountUp to BDT. 40 lac
Loan TenureFor Brand New Vehicles 12-72 months only
For Reconditioned Vehicles 12-60 months only
Early settlement feeAdjustment of Investment before maturity- 0.50% of the outstanding Investment

Features and Benefits of Social Islami Bank Limited Auto Loan

  • Advance payment without any charge
  • Early settlement without any cost
  • Highest Loan tenure up to 72 months
  • Customer can buy a reconditioned vehicle
  • No hidden cost and Loan A/C statement
  • Tax certificate free of charge.

Eligibility Criteria for Social Islami Bank Limited Auto Loan

Eligibility criteria for the loan:

  • Salaried executives of reputed organizations having salary accounts with any Banks
  • Salaried executives of various Govt./Semi-government organizations/ Autonomous bodies
  • Self-Employed/ Professionals like Doctors, Architects, Engineers, Chartered Accountants, Consultants, and IT professionals
  • Teachers at reputed Public Universities, Reputed Government/Private colleges/Madrasah, Medical colleges, Private Universities & Colleges
  • Well reputed businessman/landlords or ladies whose income must be reflected in the Bank Statements.

Required Documents to apply for Social Islami Bank Limited Auto Loan

Here are the documents you need to submit when applying for SIBL:

Common Documents

  • Copy of National ID/Voter ID/ Passport/ Driving License/ Employee ID
  • Bank Statements for last 6/12 months
  • Recent Photographs
  • TIN Certificate.

Salaried Executives

  • Letter of Introduction (LOI)
  • Pay slip (if available)
  • Business Card etc.

Self-Employed Professionals

  • Certificate of professional degree (i.e., MBBS, etc.)
  • Certificate of Membership with respective Professional Association (BMDC etc.)
  • Business Card etc.

Businessman & Landlords

  • Copy of Trade License (for proprietorship & partnership firm)/Partnership Deed (for partnership firm) /Memorandum & Article of Association
  • Copy of share summary (for Limited Liability Co.)
  • Monthly Sales Report of last 12 months for businessman
  • Rental Agreement (For landlords)
  • Proof of property ownership/ municipal tax receipt (For landlords)
  • Statement of the A/C where rental income is reflected (For landlords) etc.

Frequently Asked Questions on Social Islami Bank Limited Auto Loan

Q: How do I apply for a Social Islami Bank Limited Auto Loan?

A: You can apply for a Social Islami Bank Limited Auto Loan through three convenient methods: by visiting the official website of the bank, by visiting the nearest branch, or by submitting an online application.

Q: Can we get tax benefits in auto loans?

A: Yes, you will be eligible for tax benefits on your auto loan.

Q: What is the payment mode for the loan?

A: The payment mode for the loan is based on Equal Monthly Installments (EMIs) and can extend up to 72 months.

Q: How can I foreclose a Social Islami Bank Limited Auto loan?

A: To foreclose a Social Islami Bank Limited Auto loan, follow these steps:

  1. Request a foreclosure statement from the bank’s nearest loan center.
  2. Submit your foreclosure request at the loan center.
  3. The bank will process your request for the next steps.

Q: How can I check the status of my Social Islami Bank Limited Auto loan?

A: You can check the status of your Social Islami Bank Limited Auto loan using the following methods:

  • Call the bank’s contact number at +88-09612001122.
  • Utilize the online mode and log in with your required information to access your loan status.
  • If you prefer a more personal approach, visit the bank branch and meet the responsible officer to inquire about the status of your personal loan.

Q: How do I apply for a Social Islami Bank Limited Auto loan?

A: To apply for a Social Islami Bank Limited Auto loan, follow these steps:

  1. Collect the personal loan booklet from any branch of the bank.
  2. Complete the application along with the required documents.

For additional details, you can send an email to or contact the bank at 16491.

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