How to Apply for a Car Loan in Bangladesh Islami Bank: A Step-By-Step Guide

Buying a new car can be a great investment, as long as you manage your finances properly. However, it is not always easy to buy a car on your own because of the high prices. Thankfully, there are ways to get loans for buying cars that can reduce the costs.

In this blog post, we will give you all the details on how to apply for a car loan at Islamic Bank of Bangladesh. We will also go through each step in detail so you don’t miss out on anything important. Let’s get started!

What is a car loan?

A car loan is a loan that allows you to buy a car. You can get one from the bank, or from other lenders such as credit unions. This type of loan allows you to pay it back over time without having to pay any interest.

Read More: Tesla S 60 Electric Car Price in Bangladesh: What You Need To Know

How to apply for a car loan at Islamic Bank of Bangladesh

The first step is to visit the website at www.islamibankbd.com and fill out the application form. It will require your contact information, employment details, amount of money you want to borrow, and other important documents that are required for the loan process. Once you provide all the necessary information, your application will be sent to the lender for consideration.

If approved, then you can go ahead with making a down payment on your desired car. Once this has been done, Islamic Bank of Bangladesh will issue a certificate of guarantee which is needed for registering your car’s title. The certificate should be kept safely in case there are any unforeseen issues with the vehicle later on in its lifetime or if it needs service related to its ownership.

The steps involved in applying for the loan

1. Fill out the application form and submit it to Islamic Bank of Bangladesh

2. Get a pre-approval letter

3. Take the required documents with you when applying for a loan

4. Make an application at your nearest branch

5. Wait for the approval

6. Collect your car!

The process of verification

To apply for a car loan, the first step is to fill out the application form. The form includes information on your employment and financial situation. There are also questions about your understanding of the terms and conditions of the loan contract and other documents that you will need to provide with your application. The form must be completed in its entirety before it can be submitted and reviewed.

After submitting the application, you will receive a confirmation email that should be promptly sent back so that your application can be processed smoothly.

The next step is to schedule an appointment at one of our branches. You’ll need to bring along copies of all the documents mentioned above, as well as additional ones if applicable such as your passport, personal ID card, and proof of residence (such as a rental agreement or utility bill).

It might also help to bring along any extra photos that you have from earlier in life.

After providing all this information, we’ll review your documents carefully to make sure that everything is in order for processing your loan request.

The documents needed for the loan application

If you are going to apply for a car loan in Bangladesh, you will need to submit the following documents.

1) Your passport

2) Copy of the bank statement with your account number and name on it

3) A copy of your driver’s license

4) A copy of your national ID card or voter ID card

5) The allotted budget for buying a new car (this is taken from the bank, if you have an existing loan with them)

6) The nameplate of the car you want to buy

7) A proof that you live within the bank’s branch radius. If you don’t live in Dhaka, then this should be someone who does and they can provide verification showing that they are living there.

8) One month’s worth of salary stubs

9) Photo identification document (ID card, passport or driver’s license).

Read More: Tesla Car Price in Bangladesh 2022: What Will Tesla Cost In Dhaka & Other Cities

Documents required from the applicant

As a first step, you will need to provide two pieces of identification to prove that you are the owner of the car. This includes one photo ID and your passport.

In addition, you will also need the following documents:

– A recent utility bill or bank statement

– Proof of income such as pay slips or tax papers

– Proof that you have other bank accounts

The application process starts by visiting Islamic Bank of Bangladesh’s website. From there, click on the “Apply Now” button to begin filling out an application form. The form will ask for personal information like your name and address as well as requested documents like the ID and proof of income. After you fill out this form, hit submit and wait for an email confirming your application status is approved.

If approved, an official letter mentioning your loan amount with terms will be sent to your email address.

After receiving confirmation from IBBL Loan that they have received your application, it is time to go back to Islamic Bank’s website and print out a copy of the loan agreement document that was sent to you in order to sign it . Signing this document shows IBBL loan that you agree with the terms outlined in it which includes repayment dates and how long the loan will last for.

Documents required from the bank

In order to get a car loan at Islamic Bank of Bangladesh, you will need to submit the following documents:

1. Completed application form.

2. ID cards.

3. A copy of the applicant’s income certificate and marriage certificate (if applicable).

4. If the applicant is married and applying for a personal loan (not used as collateral), one must also have a copy of their spouse’s income certificate and marriage certificate (if applicable).

5. Proof of residence, such as a utility bill or lease contract with name, address, and contact details listed on it.

6. If the applicant is a woman, she will also need her husband’s declaration that he is willing to guarantee her loan in case she defaults on repayments (i.e., in-laws who live with them). The husband’s declaration should be attached to the application form before submitting it to the bank.

The documents required from the buyer

Before applying for a car loan, you will need to get certain documents from your buyer. This includes the following:


A bank certificate

The buyer’s identity card

A letter of guarantee stating the monthly payment for the loan and the length of time it will take to repay it

A certificate of registration from the Department of Motor Vehicles (DMV) in the United States or Canada

The documents required for processing of payment

The first step in the process is to ensure that you have all the necessary documents. The following are some of the required documents for processing of payment:

– Demand Draft (DD)

– Valid ID Card with picture

– Address proof

– Proof of job and income

– Bank Statement (for 3 months)

– Latest payslip with salary stamp

– Application form filled out by customer

All these documents should be handed over at your nearest Islamic bank branch. They will be checked one by one and then processed accordingly. Once the application form is approved, the DD will be issued. This document is important as it contains your credit limit, which needs to be paid back after buying your car.

Documents required from the seller

Before submitting an application for a car loan, you first need to find a seller of the car. The seller does not have to be a friend or family member but should be someone who has already sold their cars in the past. Here are some documents that you will need from your seller:

– Personal ID Card

– Passport

– Vehicle Title Certificate

– Sales Contract signed by Seller

Registration Certificate

Please note that the above list is not exhaustive and other documents may also be required by Bangladesh Islami Bank Limited (IBBL) based on the product category.

What should I do if my bank rejected me for the loan?

If your bank rejected you for the loan, there’s no need to stress out. We have more lenders and borrowers in the market that can help you get the loan. You just have to find a suitable lender and apply for the loan again.

How long does it take to buy a car with the loan?

The process of buying a car with the loan takes some time and effort. It usually takes at least a month to receive the loan and then you have to wait for a few weeks before you can use the money.

Conclusion

Now that you know how to apply for a car loan, what’s next? Well, now you can go back and tell your friends and family members where you got the loan and what the process was like. You can also share with them the steps that you followed and the time it took to get the loan so that they can get a loan too! Now, all you have to do is save up some money so that your dream car is within reach!

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