Car Loan

Owning a car is not a luxury anymore, it lifts up your standard of living. To be with you in your need or in your comfort, we have introduced Car Loan with flexible processing option. Now changing your standard of life will take almost no time.

Our expert pool of people always go ‘above and beyond’ for our customers. We know more about finance than just car loans and thus can suggest the best financial solutions for you.  Let us assist you to get the best deal for your favorite Brand New or Reconditioned car.

Eligibility:

  • Repayment capacity with verifiable monthly Income
  • Employed/Self-employed/ Professional / Landlord
  • Minimum 2 years’ service and 3 years’ Business experience
  • Age should be within 25-65 years

Loan Term:

Car Type Brand Maximum Loan Term
Brand New Car Toyota, Honda, Hyundai, Mercedes, BMW, Mitsubishi, Nissan, Volvo, Ford and any other reputed brands Up to 72 months
Other Brands Up to 48 months
Reconditioned Car Toyota brand (manufactured in Japan) Up to 72 months
Other brands Up to 48 months

*Loan term to be fixed as per Bangladesh Bank guideline

Maximum Loan:

  • Any amount up to 70% (including registration cost)
  • Any amount Up to 90% financing for companies subject to applicable security proposition.

Security:

  • Joint registration of car in the name of Meridian Finance and Investment Ltd. and the Client.
  • Comprehensive insurance covering full value of car
  • Any other securities such as lien on FDR/ Assignment of terminal benefits/Corporate Guarantee etc.

Required Documents:

Car related documents:

  • Quotation from the vendor with Price &detail specification of the vehicle

 

Basic documents (for all profession)

  • Duly filled in MFIL Car Loan Application Form (with signature as per NID)
  • Duly filled CIB undertaking form
  • 2 copy PP size Photograph of applicant & Co-Applicant with respective signatures
  • 2 copy PP size Photographs of Guarantor- attested by applicants (2 copies)
  • Photocopy of National ID card/ Passport/ Driving License of applicants & Guarantor
  • CV/Bio data
  • Office ID Card/ Business Card
  • E-TIN Certificate( IT-10B is required if applicable)for both applicant and co-applicant(s)
  • Latest utility bill copy of permanent & residential address

Income & Liability documents

  • For Employed:
  • Letter of introduction/salary certificate from employer showing relevant deductions
  • Latest salary slip of voucher for last 3 months
  • Latest Transfer/Posting order for Government service holders
  • Duly signed voucher for last 6 months against cash salary drawing
  • Up to date Bank statement showing monthly salary for the last 12 months
  • Up to date personal bank statement other than salary a/c (where applicable)
  • Salary sheet (where applicable)
  • Declaration of private practice/tuition/consultancy income from Physicians, Teachers, Engineers etc.
  • Evidence of other income such as commission, bonus, incentive, Overtime payment, Rental etc.
  • Continuous discharge certificate/Competency certificate for Marine Professionals
  • Supporting documents of liquid assets (FDR copy/Portfolio statement)
  • Supporting ownership documents of any fixed asset
  • Sanction Letter & relevant a/c statement of any existing personal loan with other Bank/NBFI
  • Any other document, as applicable

Car related Document:

  • Original Car Quotation in the name of Meridian Finance & Investment Ltd. A/C: Client name with acceptance signature by customer

We always value your requirement. That’s why we have introduced our financing facility to purchase pre-owned Registered Car with flexible option

Eligibility:

  • Repayment capacity with verifiable monthly Income
  • Employed/Self-employed/ Professional / Landlord
  • Minimum 2 years’ service and 3 years’ Business experience
  • Age should be within 25-65 years

Loan Term:

Brand Maximum Loan Term
Toyota Brand (Manufactured in Japan) Up to 72 months
Honda, Hyundai, Mercedes, BMW, Mitsubishi, Nissan, Volvo, Kia only Up to 48 months

*Loan term to be fixed as per Bangladesh Bank guideline

Maximum Loan:

  • Up to 60% for Toyota Brand
  • Up to 50% other brands like Honda, Hyundai, Mercedes, BMW, Mitsubishi, Nissan

Security:

  • Joint registration of the vehicle in The name of Meridian finance and Investment Limited and the Client.
  • Comprehensive insurance covering full value of car
  • Any other securities such as lien on FDR, assignment of terminal benefits & corporate guarantee etc.

Required Documents:

 

  • Basic documents (for all profession)
  • Duly filled in MFIL Car Loan Application Form (with signature as per NID)
  • Duly filled CIB undertaking form
  • 2 copy PP size Photograph of applicant & Co-Applicant with respective signatures
  • 2 copy PP size Photographs of Guarantor- attested by applicants (2 copies)
  • Photocopy of National ID card/ Passport/ Driving License of applicants & Guarantor
  • CV/Bio data
  • Business Card
  • E-TIN Certificate( IT-10B is required if applicable)for both applicant and co-applicant(s)
  • Latest utility bill copy of permanent & residential address
  • For Self Employed:
  • Valid trade license copy for at least last 3 years
  • Memorandum and Articles of association with certificate of incorporation
  • Latest copy of Form X,XII copy of certificate of incorporation
  • Partnership Deed copy (For Partnership concerns)
  • Up to date personal bank statement for last 12 months
  • Up to date Business bank statement for at least last two years (minimum)
  • Audited P/L account and balance sheet of business for the last 3 years
  • Sales ledger for the last 1 year minimum
  • Rental Agreement/possession deed of business house (for rented premise)
  • Photocopies of title deeds, supporting fixed assets, rental agreement with tenants and Utility bill copy
  • Supporting documents of liquid assets/FDR copy/Portfolio statement
  • Business Permission document from proper authority
  • Document copy of present work in hand, value and PRC return (for export business)
  • Sanction Letter & relevant a/c statement of any existing personal & business loan with other Bank/NBFI
  • Contact number and address for other members

Car related Document:

  • Original Car Quotation in the name of Meridian Finance & Investment Ltd. A/C: Client name with acceptance signature by customer
  • Fast approval
  • Financing for Brand New/Reconditioned/Used car
  • Market Competitive interest rate and fees
  • Flexible income assessment with minimum documentation
  • Maximum Loan based on repayment capacity
  • Part or full prepayment option
  • Tie up with car vendors for best choice
  • No hidden charges