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Auto Loan

Apply for the easiest way to own your automobile.

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Auto Loan

Apply for the easiest way to own your automobile.

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Auto Loan

Apply for the easiest way to own your automobile

Drive your dream car with MD Bank and pay back later. Inquiry at our nearest branch and we will guide you through application process.

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Features and Benefits

  • Sale Specialist will guide you to apply application easily.
  • You can purchase of brand new and used car from our dealers.
  • You can pay only 30% down payment for your dream car.

Eligible Borrower

  • Individuals having permanent source of income.
  • Age at least 21 years old and not more than 60 years old.

Conditions

Brand New Used
Minimum Down Payment 30%
Loan Tenure Up to 5 Years Up to 3 Years
Loan Repayment method Equal Monthly Installment (EMI)

Fees and Charges

Interest Rate 10% p.a.
Service Charges 1% (on loan amount)
Late Fees
  • Up to (90) Days – 1% (Per month)
  • (91 – 180) Days – 2% (Per month)
  • Above (180) Days – 3% (Per month)
Early Repayment Fees
  • 3% on prepaid amount (if paid during the first 2 years of loan period)
  • 2% on prepaid amount (if paid during the third year of loan period)
  • 1% on prepaid amount (if paid after 3 years of loan period)

Requirements

Applicant and Guarantor

  • NRC (Copy) – original to verify
  • Census (Copy) – original to verify
  • Ward Recommendation (original)
  • Recent Passport Photo (2 pecs)
  • Other Bank Loan Statements (if applicable)

For Salary Employed

  • Employee Recommendation from HR (or) Senior Management Level of Company with Letter Head (original – indicates position, salary and applying date)
  • Salary Pay Slip (or) Bank Statement – 6 months
  • Income Tax – 6 months

For Businesses/Self Employed

  • Updated DICA Registration (or) License of Business (copy) – original to verify
  • Company Extract (includes detail shareholder lists)
  • Income Tax for the last 1 year
  • Financial Statements for the last 1 year

For Guarantor

Personal Guarantee of spouse (or) Father/ Mother (or) any family members with relevant income proof.