Buying cars through auto finance in Bangladesh

Fair Group has made it easy for people to purchase Hyundai cars, as the group has teamed up with five commercial banks and a non-bank financial institution, under which car loans will be extended in just three days.

The customers with proper documents will be provided with a loan of up to Tk 40 lakh or 50 per cent of the price of a Hyundai car, the Fair Group said in a statement today.

Brac Bank, Eastern Bank, United Commercial Bank, Dhaka Bank, Mutual Trust Bank and Strategic Finance and Investment Ltd will process the loans, according to the statement.

The buyers will be able to buy the cars with the help of Hyundai relationship managers of certain banks.

The financial institutions and Fair Technology made the commitment under an auto finance agreement signed at an event organised at Hyundai Experience Centre on Tejgaon Link Road in the capital today.

Zahidul Kabir, head of treasury at Fair Group; Mohammad Monirul Islam, head of retail deposit and lending at Brac Bank; Mohammad Salekeen Ibrahim, head of asset at Eastern Bank; Sabbir Ahmed, head of retail products at United Commercial Bank; Md Jalal Mia, head of auto loan at Dhaka Bank; Tahsin Shahid, head of retail new business under the retail banking division at Mutual Trust Bank; Tamim Marzan Huda, deputy managing director of Strategic Finance and Investment Ltd, and Arindam Chakraborty, director and business head of Fair Technology Ltd, attended the event.

About 80 per cent of the world’s cars are sold through auto finance, said Zahidul Kabir of Fair Group.

“Six commercial banks and financial institutions will provide easy interest loans to Hyundai customers with minimum down payment. They can easily buy their preferred Hyundai car at the fastest time.”

Fair Group Head of Communication Hasnain Khurshed, Head of Marketing JM Taslim Kabir were also present.

It was announced at the event that Eastern Bank will give loans up to Tk 5 crore to any corporate entity if it purchases 10 or less Hyundai vehicles while Strategic Finance said it will loan of any amount for purchase of Hyundai cars.

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