Eastern Bank PLC has revised the eligibility criteria and documentation of retail auto loan facilities to provide better clarity to the customers who want to avail credit lines for vehicles online. The bank has issued new criteria, depending on the professional category, candidates have to have a minimum income, experience and age levels.
The new process is intended to make it easier to finance vehicles, while keeping tighter checks when approving loans.
Minimum Age and Income Requirements
Under the new framework, retail auto financing would be available to only those applicants who earn no less than BDT 50,000 a month, net.
Salaried Executives
For employees on a salary:
- Minimum Net Income: Tk. 50,000/monthly
- Work Experience Required: 2 års
- Current employer, at least 6 months
- Documents required for employment support
During verification, the bank may seek an offer letter and a release letter from the former employer.
Freelance Professionals
Professionals such as doctors, lawyers, architects and consultants need to demonstrate:
- Minimum net monthly income BDT 50,000
- Minimum 2 years in the present profession
- Proof of professional qualification or membership (where applicable)
Business Owners
Business applicants must submit:
- Minimum monthly income of BDT 50,000
- Minimum 2 years of business operation
- Business registration documents and a valid trade licence
LAND OWNERSHIP
Applicants applying by way of rental or property income must submit:
- Ownership evidence
- Rental Income Proof
- Proof of achieving the minimum income threshold
- Age restrictions for applicants
The new guidelines of EBL say:
- Salaried Applicants: Aged between 22 and 60 years
- Other categories of applicants: 22-65
- Other ranges may not qualify under the standard retail auto finance scheme for applicants.
Document checklist 1. Step-by-step
It is advised that the applicants keep scanned copies of the documents required before applying online.
Key Documents:
- Copy of National ID (NID)
- Two recent passport-size lab prints
- Last 12-month bank statement
- Available loan sanction letters and repayment history
- e-TIN Certificate Certificate
- Latest income tax acknowledgement
- CIB submission and inquiry forms
- Authorised Seller or Dealer Vehicle Quotation
- Additional documents may be requested depending on the applicant category.
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Business and Professional Applicants: Other Documents
EBL may request, depending on the profile:
- Business license
- Certificate of incorporation,
- Memorandum and Articles of Association Partnership deed
- Professional experience evidence
“Submitting a complete file can go a long way to improve approval speed and reduce processing delays,” say bank officials.
Online Application Procedure
Applicants need to first check if they meet the income, age and experience requirements. Applicants can then digitally upload all required documents through the EBL retail loan channel and complete the necessary CIB-related formalities for verification.
Under the bank’s Islamic Auto Finance segment, the eligibility criteria are reportedly almost the same including BDT 50,000 income threshold and two year experience requirement.
Summary:
Eastern Bank PLC has updated its retail auto loan eligibility and online vehicle financing process. Applicants must meet minimum income, experience, and age requirements while submitting tax, banking, identity, and vehicle-related documents for approval.
