Bank loans for buying motorcycles in Bangladesh

Whether it is a hobby or a necessity, whatever it is, motorcycle is now a necessary vehicle for many. Especially to young people. Due to this, the sales of motorcycles are increasing day by day. Many distributors are selling the rest of the motorcycles to increase sales. Collecting money in long term installments.

Besides, banks are also giving loans to buy motorcycles. Banks had been lending for buying cars for a long time but were not interested in motorcycle loans. Private sector banks have gradually introduced motorcycle loans in need of time. Customers are also getting this loan easily. The maximum loan size is five lakh taka. And the average loan amount of customers is one lakh taka.

It is learned that the private sector The City, Prime and BRAC Bank are currently providing loans for the purchase of motorcycles. In addition, Eastern, Uttara Bank has also brought new services to give loans for the purchase of motorcycles. The size of the loan is from 50 thousand to 5 lakh taka. Due to the small size of the loan, the interest rate on motorcycle loan is also high. But now the maximum interest is 9 percent. This includes service charges up to a maximum of 1 percent. The loan can be repaid in three years. Banks lend up to 80% of the price of a motorcycle.

Bankers say employees, professionals, businessmen and homeowners can apply for the loan. Some banks are also giving these loans to students. In case of salaried employees whose monthly income is 20 thousand taka, they are getting this loan. And in the case of businessmen and homeowners whose monthly income is BDT 30,000, they are getting this loan. Anyone who wants to take this loan can apply for the loan directly through the bank branch. Some motorcycle showrooms also have loan applications. Like other loans, motorcycle loan also requires submission of all types of documents.

Several motorcycle showrooms of Bangla Motor in the capital have been visited, banne BDT of motorcycle loans of various banks are hanging in some showrooms. If the custome BDT are interested, the showroom staff will contact the bank. Besides, banks are now directly dealing with various brands. For example, custome BDT of Citibank's Amex credit card who buy a Suzuki brand motorcycle get the opportunity to pay in 34 months. Again, BRAC Bank is giving loans to buy Yamaha brand motorcycles. ACI and BRAC Bank have signed an agreement for this.

A photocopy of National Identity Card, e-TIN and Photocopy of Business Card or Office ID are required for a customer to apply for a loan. Apart from this, salary or income certificate, copy of service bill, quotation of bike price, bank statement and security check of any bank have to be submitted. If you are a trader, you have to submit trade license and rent receipt of the owner of the house or flat.

Mohammad Arup Haider, head of retail banking at Citibank, told Prothom Alo that loans are being given to young people to buy motorcycles. There is a good response.