Auto Loan
Apply for the easiest way to own your automobile.
Auto Loan
Apply for the easiest way to own your automobile.
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.
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 | 12.5 % p.a. |
| Service Charges | 1% (on loan amount) |
| Late Fees |
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| Early Repayment Fees |
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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.