bad credit loans: IDLC Finance (Quick and hassle free financing)

Home Loan (IDLC Finance)

IDLC Finance we are the main house loans provider within the country presents you probably the most handy home loans to suit your desires.

House loan for NRB from IDLC Finance

If you are a Non-Resident Bangladeshi (NRB) and dream of proudly owning a home again in Bangladesh, you may have reached the correct situation. IDLC Finance is the right place to get real your satisfaction.

Home Loan from IDLC Finance

IDLC Finance now provides complete safety to its home loan borrowers. Now house loans debtors of IDLC finance can avail existence coverage protection an identical to

Dwelling loan @ 9% P.A.

This scheme is designed for middle and cut down center classification shoppers to buy or construct new condo for own dwelling with within the area of 6 metropolis corporation

The leading residence loans provider in the country presents you the most convenient home loans to fit your wants. With so many appealing advantages, the house you continuously wanted is not a dream.

Advantages

Equal consideration for all purposes regardless of any professions and supportive service both before and after disbursement

Alternative to opt for both constant or Variable fee of interest

Loan sanction within shortest feasible time and in addition before starting construction of the building or purchase of the condo

Early pre-payment choice either in part or full with easy stipulations

Income tax rebate on every year curiosity fee on residence loan up to Tk 2 million

Municipality conserving tax rebate

Maximum loan delivering to Non Resident Bangladeshi (NRB)

Aggressive curiosity expense and cut down prices

Home Loan to be had FOR

Purchase of apartment/ house/ business space/ accepted housing plots

Building of residential/ commercial constructing

Renovation or extension of residential condominium

House equity mortgage in opposition to mortgage of property

Residence mortgage under Bangladesh financial institution Refinancing Scheme (@ 9% p.A.)

ELIGIBILITY

You are eligible if you are:

25 years and above however not greater than 60 years of age

Incomes regularly from a sustainable source of employment or trade

causes AFFECTING YOUR mortgage amount

The dwelling loan quantity is determined by your reimbursement capacity. A number of motives are equivalent to month-to-month internet disposable income, age, qualifications, price of the immovable property, quantity of loved ones members and dependants, month-to-month expense, different constant duties, nature of job / industry and financial savings addiction are taken into issues.

Residential intent: 70% of the purchase rate together with registration cost or eighty% of the construction price of residential apartment.

Business cause: 70% of the purchase price including registration price.

Loan time period

LOAN TERM

Commercial Purpose: For any profession, maximum 7 years

REPAYMENT MODE

The entire loan to be repaid by Equated Monthly Installments (EMI)

SECURITY

Mortgage of the property itself or any other equivalent security acceptable to IDLC Finance.

INTEREST RATE & FEES

We offer you a competitive interest rate and low fees. We set individual rates on the basis of a customer’s financial status, amount borrowed and repayment terms. Please contact any of our branch offices for current rate & fees.

PROPERTY INSURANCE

Mortgaged asset should have fire or earth quake insurance by any IDLC Finance nominated insurance company.

HOW TO APPLY

Just feel free to call or visit any of our branch offices and collect the home loan application form free of cost. Our officers are waiting to serve you. Just visit our office or call today !

DOCUMENTATION REQUIRED

a. Employed

Recent passport size photo, copy of National ID Card and Bio data
Latest salary slip/salary certificate
Bank statement for one year
Statements of assets with copies of evidence
Evidence of other income (if any)
CIB Application Form
Allotment agreement with developer/ owner
Money receipts of amount already paid to developer/owner

b. Self Employed

Recent passport size photo, copy of National ID Card and Bio data
Tax assessment paper for last 3 years (Tax return & Assessment order)
Profit & Loss account and Balance sheet of business for last 3 years
Evidence of presents work in hand and value
Bank statement for the last one year
Statement of assets with copies of evidence
Evidence of other income (if any)
CIB Application Form
Allotment agreement with developer/owner
Money receipts of amount already paid to developer/owner

POST DISBURSEMENT SERVICES

Income Tax Certificate to enable you to claim the tax benefits is given to you free of cost.

If you are a Non-Resident Bangladeshi (NRB) and dream of owning a home back in Bangladesh, you have reached the right place. With an IDLC finance Home Loans you can buy an apartment or build a house, extend or renovate a house or buy approved housing plot to build a house.

We have been a part of a 10 years journey in the real estate financing arena with more than four thousand customers. IDLC finance offers maximum loan amount and terms for NRB customers and extend all possible cooperation to fulfill their dream to build up asset in their home land. Our home loan marketing and sales officers are ready to give you the time tested advice that suits your requirements.

Be it legal documentation, project or builder approvals, and technical advice, we look forward to sharing with you and this service is absolutely free.

Our project approval facility provides our customers the comfort of purchasing properties from builders who have complied with all basic documentation.

PROPERTY SELECTION

You can either select the property by yourself when you are in the country or by your nominated local keens / representatives. You may always seek for our expert opinion before selection of your property from any developers.

DOCUMENTATION REQUIRED

One copy recent passport size photograph
Latest salary slip/salary certificate showing all deductions.
Employment-contract
Photo copy of the passport with evidence of arrival at port of entry, visa stamped pages.
Residency permit or latest work permit (if applicable)
Copy of continuous discharge certificate (CDC) for merchant mariners
Overseas and local bank account statements for last 12 months.
Tax papers for last three years duly attested by Bangladesh Embassy
Bio data and family background.
Company Profile/Brochure/ Web Mail Address
Power of Attorney (POA) to a Bangladeshi resident as per IDLC’s format. POA will also provide Personal Guarantee to the loan (Attachment)
Personal guarantee from an employed Bangladeshi local resident (age below 50) as per IDLC’s format.

For the above document in a language other than English, please get it translated into English and attested by the Bangladesh Embassy.

IDLC Finance now provides complete protection to its home loan borrowers. Now home loans borrowers of IDLC Finacne can avail life insurance coverage equivalent to the amount of the outstanding home loan.

Home Loan Shield is a specially designed Group Life Insurance Scheme, which protects your family in your unfortunate death. The shield takes over the outstanding principal amount of your home loan with IDLC Financethus protecting your beloved family from burden of repayment.

BENEFITS

Borrower’s family is secured from loan burden at the unfortunate death of main earner of the family
Lowest possible single premium
Hassle free coverage merely on declaration (up to certain age limit)
Free of cost medical examination from recognized hospitals (cost will be borne by the borrower only when application is turn down by the insurer)
Proportion return of premium for early loan foreclosure
Financing of the premium is also available (IDLC Finance will provide, if required)
Income Tax relief on premium payment

SALIENT FEATURES

IDLC Finance will be the master policyholder of the Group Life Insurance and you will get a certificate as a member of the scheme.
Upfront single insurance premium is fixed based on borrower’s age, loan tenure and outstanding principal amount.
The insurance coverage ranges from Taka 200,000/- to Taka 10,000,000/-.
Insurance coverage of Tk. 1,000,000/- and Tk. 750,000/- will be granted merely on declaration of your good health when your age is between 20-40 and 41-45 respectively. Except for above, medical examination is required.
Borrower gets minimum 50% to maximum 100% of the home loan coverage under the scheme.
This coverage will be on a single borrower only. In case of joint loan, the main income earner can become a member of the scheme.
The insurance coverage will start from the very first day of loan disbursement.
This scheme is open to all IDLC Finance home loan customers between the ages of 20 to 55 years. The maximum age at maturity should not exceed 60 years.

HOW TO APPLY

Just complete the “Insurance Application Form” (attached with Home Loan Application Form) and hand it over to the dealing officer at IDLC’s any branch from where you are taking your loan along with a copy of your age proof.

HOW TO CLAIM

In the event of your unfortunate demise, your nominee will have to:

Inform us within 7 days of the event
Provide us with information and/ or documentation to establish the fact, date, circumstances relating to and cause of the event
Co-operate with and assist IDLC Finance in any investigation undertaken by the insurance company
Provide evidence in support of the claim at the request of IDLC Finance

This scheme is designed for middle and lower middle class customers to purchase or construct new apartment for own dwelling with in the area of 6 city corporation areas (Dhaka, Chittagong, Rajshahi, Khulna, Sylhet, Barishal) and municipality areas of Tongi, Gazipur, Savar and Narayangonj.

ELIGIBILITY

Applicant’s Monthly gross income is with in Tk. 50,000/-
Applicant”s those who have no house/ apartment either in their name or their spouse/ children’s name in the areas specified above
Applicant’s those who have not yet availed home loan from any bank/ financial institutions
For salaried applicants, officially those who have no employee housing loan scheme or those have so but still not avail the facilities are eligible for this loan
The property itself will be kept mortgaged as security

FEATURES

Maximum loan amount is Tk. 2,000,000/-
Maximum loan term is 20 years
The insurance coverage ranges from Taka 200,000/- to Taka 10,000,000/-.
Maximum size of apartment is 1250 sft.
Moratorium period is 1 year
Entire loan can be disbursed with in one year from the date of first disbursement

Q. How do you determine the loan amount?

Based on your applied amount and submitted documents supporting your income, we would assess your repayment capacity. Your repayment capacity would determine the amount of loan you are eligible for. However, the loan amount will not exceed the 70% of the purchase price including registration and also 80% of the construction cost of the dwelling house.

Q. How much would be the installments?

Installment is determined based on acquisition cost and loan term. Monthly installment is most common, however, quarterly payment can also be considered only for corporate and developer’s finance.

Q. How to apply for loan?

You are required to fill the prescribed application form of IDLC Finance available at free of cost at any pf our branch offices and submit it with required supporting document. You need to pay application fee through account payee cheque in favor of IDLC FINANCE LTD. while submitting the application. On receipt of your application duly completed, IDLC Finance would make necessary inquiries/ investigation and convey its decision to you.

Q. What would be the security against the loan?

Mortgage of the property concerned is usually the security. However, you may also offer other securities acceptable to IDLC Finance.

Q. Can anyone repay the loan ahead of schedule?

You can repay the loan either in part or full ahead of schedule after payment of at least six installments with a minimum repayment charge.

Q. How to apply home loan as a Non Resident Bangladeshi (NRB) applicant?

Please see the Home Loans for NRB

Owning car is no longer a luxury anymore; rather it is a useful investment that improves your quality of life. The family car is increasingly becoming a vital part of our everyday life. With IDLC Car Loan, you can own your own car and add excitement to your life.

BENEFITS

Loan sanction within 72 hours of application receipt*

An opportunity to finance both brand new and re-conditioned cars

No security
No personal guarantee
Competitive interest rate
Expert advice on car market conditions
Dedicated and supportive service both before and after disbursement
Partial or full prepayment option with minimum charges
Provided that all required documents have been provided to IDLC Finance

ELIGIBILITY

You are eligible if you are:

A salaried executive or professional or a businessman

Between 22 and 60 years of age

Minimum monthly income of Tk. 25,000/- (this will include income of spouse in case of joint application)

A minimum of two (2) years of service

A resident of Dhaka or Chittagong

LOAN AMOUNT

We provide maximum assistance to fulfill your requirement. We are ready to finance both brand new and re-conditioned cars. You can avail car loan from Tk 200,000/- to Tk. 4,000,000/- or 70% of the value of your car (including registration cost), whichever is lower. If you are ready to provide 50% of the car value as cash deposit with IDLC Finance, you will enjoy a special rate for your entire car loan.

PREPAYMENT TERMS

With our attractive car loan package, you are able to repay the loan according to your convenience. Choose a maximum of 60 months to repay the loan for your brand new car or re-conditioned car

DOCUMENTATION REQUIRED

Employed

One recent copy of passport size photo, National ID card and Bio data
Application form (properly filled up)
Employment confirmation form (properly filled up)
Price quotation from the vendor
CIB undertaking form (properly filled up)
Latest salary slip/salary certificate
Personal bank statements for last 12 months
Rental income/other income documents
Documents supporting other fixed assets
Documents supporting liquid assets

Self Employed

One recent copy of passport size photo, National ID card and Bio data
Tax assessment paper for last 3 years
Profit & Loss account and Balance sheet of business for last 3 years
Company bank statements for last….months
Memorandum & Articles of Association with form Xll of the company
Trade license
Price quotation from the vendor
Non Resident Bangladeshi (NRBs)
One recent copy of passport size photo and Bio data
Photocopy of the passport with evidence of arrival of port of entry, visa stamped pages
Employment contract
Residency permit/work permit
Latest work permit
Overseas bank statements for last 12 months months
Tax papers for last three years
Utility bills copy

Q. Do we finance second hand car?

No, we do not.

Q. Will only the loan amount be insured?

No, insurance will be on the total value of the car.

Q. What can be the latest manufacturing year for a reconditioned car?

Loan term can not be extended beyond 8 years from the manufacturing year.

Q. Do IDLC Finance accept joint registration?

No we do not accept joint registration.

Q. Who will pay the ownership transfer fee after settlement of the loan?

Customer will bear the ownership transfer fee.

Q. Do we accept Third Party Insurance coverage?

No, we accept only First Party insurance coverage.

Q. Is there any chance of prepayment?

Partial prepayment option is available. The amount of partial prepayment will have to be at least 20% of the outstanding loan or Tk 100,000, which ever is higher.

Q. Is there any difference between declared and effective rate?

No, there is no difference.

Q. What is the average processing time?

Generally 3- 4 days after submission of application and all required docs.

Small Business is a loan facility designed to finance small scale trading, manufacturing and service ventures, especially to help small and medium entrepreneurs …

Small Business Loan (IDLC Finance)

Medium Business

SME-Mid segment offers mid and longer term financial solutions to a wide rage of clienteles who are in their journey to emerge as promising corporate houses …

Women Entrepreneur Loan

Women Entrepreneur Loan “is a loan facility for small and medium sized business, which are operated by women entrepreneurs. The product …

Factoring

Factoring of Accounts Receivable is a mode of financing receivables arising out of supply of goods or delivery of services on credit.

SME Loan (IDLC Finance)

Small Business is a loan facility designed to finance small scale trading, manufacturing and service ventures, especially to help small and medium entrepreneurs to meet their short-term cash flow shortages and bridge the fund-flow gaps.

Eligibility

Entrepreneurs with minimum 2 years experience in the same line of business

Business must be a going concern with at least 2 years in operation

Loan Limit: From BDT 3 lac to BDT 75 lac

Key Features

Loan without any collateral up to BDT 15 lac

For partly cash security loan up to BDT 35 lac

Loan for Working Capital Finance and/or Lease finance for business

Borrower having loan with other financial institute can also avail Small Business

Convenient repayment options of Equated Monthly Instalment and Customized Repayment Schedule

Quick, quality door step customer service

ABASHAN Loan

“ABASHAN” is loan facility for small business that will construct or already have permanent structure for commercial rent (popularly known as mess rent) located surrounding the industrial areas and EPZs across the country.

Eligibility

Entrepreneurs with minimum 1 year experience in the same line of business

Business must be a going concern with at least 1 year in operation

Monthly income from rental and other sources must be minimum TK. 50,000

Loan Limit

From BDT 3 lac to BDT 20 lac

Key Features

Loan without any collateral up to BDT 15 lac

Borrower having loan with other financial institute can also avail Abashan Loan

Convenient Equated Monthly Installment repayment system

Quick, quality door step customer service

Women Entrepreneur Loan is a loan facility for small and medium sized business, which are operated by women entrepreneurs. The product offers terminating loan facilities for the purpose of working capital finance and/or fixed assets purchase.

Eligibility

Entrepreneurs with minimum 2 years experience in the same line of business

Business must be a going concern with at least 2 years in operation

Loan Limit

From BDT 3 lac to BDT 50 lac

Interest Rate

@ 10% Lowest interest rate in the market

Key Features

Loan without any collateral up to BDT 15 lac.
Loan for Working Capital Finance and/or Lease finance for business
Borrower having loan with other financial institute can also avail Loan
Convenient repayment options of Equated Monthly Installment and Customized Repayment Schedule

Quick, quality door step customer service

SME-Mid segment offers mid and longer term financial solutions to a wide range of clienteles who are in their journey to emerge as promising corporate houses in near future. Our portfolio comprises of various private limited companies, partnership and proprietorship concerns with promising business opportunities. We offer a range of financial services which includes, but not limited to-

Lease Financing

Asset backed financing against industrial machinery, commercial equipment's, office equipment's, generators, vehicles, vessels, engines, etc.

Financing may be extended up to 100% of the cost

Flexibility regarding security/collateral issues.

Usually for a tenure of 2 to 5 years

Repayment through monthly rentals

Rentals may be equal or structured (step-up, step-down, bullet, etc.)

Legal ownership remains in the name of IDLC Finance throughout lease period

Ownership is transferred to the client at the end of term

Sale & Lease Back

IDLC Finance Financing against any of the existing (already procured/in-use) industrial machinery, commercial equipment s, office equipment's, generators, vehicles, vessels, engines, etc.

The ownership of the asset comes to IDLC Finance at the point of financing

Financing may be extended up to 100% of the written down value (cost net of depreciation) depending on the condition of the machine

Usually for a tenure of 2 to 5 years depending on original date of purchase and current condition of the asset

Repayment through monthly rentals

Rentals may be equal or structured (step-up, step-down, bullet, etc.)

Ownership is transferred to IDLC Finance at the time of financing and remains in the name of IDLC Finance throughout lease period

Ownership is re-transferred to the client at the end of term

Term Loan (IDLC Finance)

For meeting various regular capital/fixed expenditures like balancing of production line, modernization of manufacturing process, expansion of capacity and space, etc.

Usually for a tenure of 1½ to 5 years
Repayment through monthly installments
Installments may be equal or structured (step-up, step-down, bullet, etc.)
Flexibility regarding security/collateral issues.
Project Financing – Fixed cost
For setting up of a new unit as addition to the existing product line and capacity, a new concern of an existing group, a new Joint Venture project of an existing company, etc.
Required debt-equity ratio is maintained
Financial solution for the entire project may be provided through mix of different financial tools from wide range of services offered by IDLC Finance.
Lease/Loan tenure varies based on product type. For fixed assets financing, financing tenure may prolonged up to 6 years
Deferred repayment structure is available depending on financial product
Bridge Financing
For meeting the funding requirements of the borrower for any interim period
Usually for shorter term
Generally through bullet payments
Deferred repayment structure is available depending on financial product
Refinancing of Existing Liabilities
For matching the repayments with cash flows, allowing some more time for repayment, releasing working capital limits (which got exhausted due to meeting capital expenditures using short term credit lines) refinancing of existing good quality liabilities is made
Terms and repayments are similar to those of term loans
Long Term Finance for Real Estate Developers
Financing to developers for meeting the capital expenditures/construction costs of any specific real estate project, both residential and commercial
A debt-equity ratio is maintained
Disbursements are usually made in phases with progress of construction work
Tenure of loan can be up to 6 years depending on nature of the project
Repayment can be made every quarter or month through equal or structured installments
Loan to corporate houses to procure commercial space
Financing to corporate clients for procuring office/commercial space
Loan term may extend up to 6 years, depending on the feasibility.

Repayment can be made every quarter or month through equal or structured installments

Lease Financing from IDLC Finance

IDLC Finance in asset backed financing against industrial machinery, commercial equipment's, office equipment, generators, vehicles, vessels, engines, etc.

Financing may be extended up to 100% of the cost
Flexibility regarding security/collateral issues.
Usually for a tenure of 2 to 5 years
Repayment through monthly rentals
Rentals may be equal or structured (step-up, step-down, bullet, etc.)
Legal ownership remains in the name of IDLC Finance throughout lease period
Ownership is transferred to the client at the end of term

Sale & Lease Back

Financing against any of the existing (already procured/in-use) industrial machinery, commercial equipments, office equipment, generators, vehicles, vessels, engines, etc.

The ownership of the asset comes to IDLC Finance at the point of financing

Financing may be extended up to 100% of the written down value (cost net of depreciation) depending on the condition of the machine

Usually for a tenure of 2 to 5 years depending on original date of purchase and current condition of the asset

Repayment through monthly rentals

Rentals may be equal or structured (step-up, step-down, bullet, etc.)

Ownership is transferred to IDLC Finance at the time of financing and remains in the name of IDLC Finance throughout lease period

Ownership is re-transferred to the client at the end of term

Term Loan

For meeting various regular capital/fixed expenditures like balancing of production line, modernization of manufacturing process, expansion of capacity and space, etc.

Usually for a tenure of 1½ to 5 years
Repayment through monthly installments
Installments may be equal or structured (step-up, step-down, bullet, etc.)
Flexibility regarding security/collateral issues.
Project Financing – Fixed cost

For setting up of a new unit as addition to the existing product line and capacity, a new concern of an existing group, a new Joint Venture project of an existing company, etc.

Required debt-equity ratio is maintained

Financial solution for the entire project may be provided through mix of different financial tools from wide range of services offered by IDLC Finance.

Lease/Loan tenure varies based on product type. For fixed assets financing, financing tenure may prolonged up to 6 years
Deferred repayment structure is available depending on financial product
Bridge Financing
For meeting the funding requirements of the borrower for any interim period
Usually for shorter term
Generally through bullet payments
Deferred repayment structure is available depending on financial product
Refinancing of Existing Liabilities

For matching the repayments with cash flows, allowing some more time for repayment, releasing working capital limits (which got exhausted due to meeting capital expenditures using short term credit lines) refinancing of existing good quality liabilities is made

Terms and repayments are similar to those of term loans

Long Term Finance for Real Estate Developers

Financing to developers for meeting the capital expenditures/construction costs of any specific real estate project, both residential and commercial

A debt-equity ratio is maintained

Disbursements are usually made in phases with progress of construction work
Tenure of loan can be up to 6 years depending on nature of the project
Repayment can be made every quarter or month through equal or structured installments
Loan to corporate houses to procure commercial space
Financing to corporate clients for procuring office/commercial space
Loan term may extend up to 6 years, depending on the feasibility.
Repayment can be made every quarter or month through equal or structured installments

Factoring of Accounts Receivable is a mode of financing receivables arising out of supply of goods or delivery of services on credit. This revolving short term financing facility enables the suppliers/ service providers to realize the maximum portion of the payment soon after the delivery is made to the buyer. In addition to financing, factoring offers value added services like:

Sales ledger administration
Follow up and physical collection of payments
Monthly reporting
Who can Avail Factoring

Factoring is available to all industries that provides services or deliver products to corporate entities i.e. institutional buyer/ debtor. As a rule of thumb:

Your business must sell to a credit worthy debtor/buyer on a regular basis

A receivable/ invoice/ bill that can be verified or has an acceptance by the institutional buyer/debtor

Having multiple institutional buyers/ debtors is even better

Services Offered

Generally, IDLC Finance provides the Client/Suppliers with the following services:

Up-front Financing: Financing is made as soon as the Client/Supplier makes the supply and submits the received copy of the bill/ invoice to IDLC.

Follow-up & Physical Collection of Payment: The Factor follows up collection in a structured process and ensures physical collection of payment from Buyers located at different geographical locations.

Reporting: The Factor provides detailed reports of the Sales Ledger that are very helpful for the Client/Supplier’s management decision making.

Advisory Services: Assist the Client/ Supplier by making suggestion about the credit rating of a Buyer and thus enable the Client/ Supplier to fix proper credit limit for each Buyer.