Due to the current up gradation of science, human life is becoming easier and easier. The fact is, you cannot put yourself away from the modern technology, rather the modern technology will make you bound to come near of it. Transport vehicles are the gift of technology; they invented both for the family transport as well as for the business/goods also. You know car is one of the wonderful gift of the modern time. This vehicle gives the pleasure of ride for the family at the same time for the personal ride also. There is no other vehicle is so comfortable then the car.
As to say about the car, it becomes a dream for all class lf people. Although, high class family/people never face any problem to make this dream come true. On the question about those families, who have limitation in their income, but don’t have money to pay at a time, what they should do? Some banks of our country have the facility that they can stand up by holding their hands.
They have the loan facility to purchase car. Pubali Bank is one of the banks that have this facility. You may think that the process could be very complicated. We are suggesting you, just take a look on the process that we are presenting here, we hope you can make your process take a car of your own:
The first thing that bank will demand that what is your minimum income? Every bank demand different income limit but Pubali bank wantsat least 3 time of the installment pack.
Customer of the bank that means the lone often ask the size/maximum size of the loan? You know, this part will never going to be the same in every bank. On the question about the Pubali bank? They will provide you maximum 15 lac.
Let’s take a look on the installment pack, as one of the most important part of a loan:
For the 3 years term you have to pay 3505/-
4 years term 2806/-
And for the 5years term amount is 2386/-
Loan amount cannot exceed 65% of the vehicle price in case of minimum down payment is 35% in cash. In case of FDR minimum security is 35% of the vehicle price and loan amount will be 100%.
Here are the security terms
First party comprehensive insurance of the car(Policy must be renewed every year and copy of the policy must be submitted to the bank)
Postdated cheques for each monthly installment
One undated cheque for full loan value including full interest to be taken in advance.
Personal Guarantee of spouse/parents and an individual having minimum solvency/income not less than that of the borrower supported by income proof.
Must needed documents:
Demand Promissory Note
DP Note Delivery letter
Letter of Undertaking
Letter of Hypothecation
Personal Guarantee letter
Hire Purchase Agreement
Now, the interest rate of the authority:
Bank interest is 13%
On the risk fund 1%
And for the agent commission 3%
There is question about the penal interest; this will be charged 2% over the normal rate on the defaulted installment
Maximum term of the loan will be 60 months
Equal Monthly Installment will be regarded as repayment system.
For more information you can Pubali banks website http://www.pubalibangla.com