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Premier Bank Offer Car Loan in Bangladesh.

One of the most reliable indicators of a robust economy with consistent growth is a corresponding increase in the rate of car ownership. With all the most credible and trusted sources ranging from multilateral lender the World Bank to credit rating agency Moody’s predicting strong economic performance in Bangladesh for the foreseeable future.Premier Bank Offer Car Loan in Bangladesh.

Allied to the economy’s upward direction over the last decade that has seen GDP grow at an average of 6 percent per year while per capita income more than trebled to $1610, that should mean car ownership is booming in the country. And as we learn in this week’s special feature on Car Loan in Bangladesh 2020, banks stepping forward to facilitate the increased purchasing power of the population have meant exactly that.

The Bangladesh Reconditioned Vehicles Importers and Dealers Association or Barvida reported in 2018 that on average  63 cars are sold in Bangladesh every day – the highest in the country’s history – with the number of imported cars having increased threefold since 2012-13 fiscal. According to Barvida, around 7,353 reconditioned cars were sold in 2012-13, rising to 20,149 in 2016-17.The number rose again in 2017-18 fiscal, the last year for which data is available, to 23,102.

The emergence of easier credit to facilitate the purchase of cars is almost universally held up as one of the most important factors behind the exponential growth in demand for cars. Commercial banks have slashed interest rates on consumer loans, including car loans, to create a foothold in what is a highly competitive market, and that has worked to the benefit of consumers.  Even just five years ago, car loans would be pegged with an interest rate as high as 15-16%. But as we’ll see in the Best Car Loan Deals in Bangladesh 2019, that number has now come down to 10-12% in the competitive end of the market. Quite simply, there has never been a better time to buy a car in Bangladesh. So what are you waiting for?

Owning a personal car is no more a luxury rather a crying need in the context of woefully poor public transport services in Bangladesh. Especially in the capital city, people are regularly facing transport dilemmas like unavailability, unfit vehicles, exorbitant transport fares, and many other unexpected situations like sexual harassment, pickpockets, etc.

Thankfully Premier Bank Offer Car Loan in Bangladesh. in the country are currently offering Car Loan Deals in Bangladesh under easily attainable conditions. Nine out of 10 cars are sold with at least some credit component, and this, of course, holds true the world over, making car loans one of the most widespread consumer loan products in the world. In Bangladesh, bankers say repayment rates hover at a dizzying 98 percent. However, before accessing car loans from any bank, some real-life facts are needed to be considered from the perspective of both the bank (lender) and the client (borrower).

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