Bike has become very popular transport because of speed, low maintenance cost and several other reason. Many has the dream of having a bike. But, it is not so easy for everyone. Now several banks and NBFIs are offering bike loans.
Bangladesh is a country where traffic jam is a common word to city life. As
a result, most middle class even high class go for bikes or two-wheelers. With
the growing hassle of commuting to the city and haphazard bus services, a bike
works like a true companion for many people in Bangladesh. However, not
everyone can buy a bike outright in cash. This is where a bike loan enters as
the savior. Anyone can avail it with a minimum percentage of equity as low as
20%. Many banks and NBFIs are offering such loans at minimum interest rates and
documentation. You can avail it to make your life comfortable and fulfill your
dream to have a bike. There are many advantages to have a bike-
- Simple to manage in traffic in contrast to cars
- Perfect mileage
- Lesser mileage
- Lesser environment pollution
- Low maintenance
- Affordable
- Easy to park etc.
If you cannot buy a bike from your cash, you can avail the option of getting
a bike loan. You can take loans up to Tk. 5.00 lac from banks. Presently the
whole process is offline. You need to visit any nearby banks which are offering
bike loans.
- Research the interest rates and tenure of loans from several banks and NBFIs. Use an EMI calculator to assess your feasibility
- Check the eligibility criteria
- Select the bank or NBFI that best suits you
- Complete the documentation formalities
- Get your bike.
As this is an unsecured loan bank are very cautious and confirm that their
customers are capable to repay the loan. Every financial institution has its
eligibility criteria. However, Bangladeshi Banker has studied the criteria and
found the standard eligibility criteria.
- Age: 21 to 65 Years
- Experience: 1 year
- Income: Minimum Tk. 25000.00
- Employment Status : Self-employed or salaried ( But person employed in ride sharing can also apply in City Bank)
It’s important to keep in mind the eligibility criteria. If you are eligible
the following documents are required-
- Salaried
· Valid personal E-TIN Certificate copy
· Up to date two photographs signed by the applicant
· LOI/Salary certificate/pay-slip (signed by Manager Branch / Accounts / HR
/ Admin / Finance) or Payslip stating Company’s Name
· 3 months Bank Statement required for A/C payee and partially A/C payee
salaried executives and 6 months Bank Statement for Cash paid salaried
executives
· Copy of Office ID or Business Card· Guarantor NID and Photo
- Business Man
· Valid personal E-TIN Certificate copy
· Up to date two photographs signed by the applicant
· Update Trade license copy
· Partnership deed (for partnership concern) / Memorandum of
Articles/Memorandum of Association along with form X / XII / 117 for business
person (for Limited liability concern)
· Either one of : Latest IT88 / Company Bank Statement of last 6 months· Guarantor NID and Photo
· Business Card
- Professional
· Valid personal E-TIN Certificate copy
· Up to date two photographs signed by the applicant
· Income proof documents with 6 months personal bank statement required (bank statement to be not older than 1 month)
· Or IT 88 statement
· Professional Certificate
· Declared Income on personal letterhead pad
· Guarantor NID and Photo
· Business Card
- Land Lord/ Lady
· Valid personal E-TIN Certificate copy
· Up to date two photographs signed by the applicant
· Income proof documents with 6 months personal bank statement required.
· Land Registration Copy
· Guarantor NID and Photo
List of banks offering bike loans
Are you eligible? Do you have the required documents? So, what are you
waiting for? Grab your dream.
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