Bangladesh Bank has increased loan facility for buying electric and hybrid vehicles to increase the use of eco-friendly vehicles.
According to the new guidelines, customers can now take a loan of up to Tk80 lakh from the bank to buy these vehicles.
The central bank has given this instruction to all scheduled banks in the country in a circular issued on Tuesday (May 5).
It said that investment in eco-friendly technology vehicles is being encouraged by changing the limits and conditions of auto loans.
According to the new policy, an individual can take a loan of up to Tk60 lakh for conventional (fuel-powered) vehicles. However, this limit has been increased to Tk80 lakh for electric and hybrid vehicles.
The ratio of loan to own investment has also been changed. In the case of ordinary vehicles, a maximum loan can be given in the ratio of 60:40, that is, there should be 60% loan and 40% own investment of the total value.
On the other hand, in the case of electric and hybrid vehicles, this ratio has been increased to 80:20, which will reduce the pressure of self-financing by the buyers.
The circular also states that auto loans taken by dependent members of an individual will also be taken into consideration in determining the total credit risk (exposure).
At the same time, the personal loan limit has also been increased. Now a customer can take a maximum personal loan of up to Tk40 lakh, which was earlier Tk20 lakh.
According to analysts, this initiative will help increase the use of electric and hybrid vehicles in the country and reduce fuel dependence.
However, they also advised caution in this regard as increasing the loan limit may increase the flow of consumer credit, which may affect the macroeconomic situation.
