Unsecured Personal Loan (UPL) is a term loan facility of the Bank’s Retail Banking for individual salaried individuals where the Bank helps them meet their personal needs. It is also an “any purpose” loan. However, the applicant has to clearly mention the purpose of the loan in the loan application.
What is Bank Asia Personal Loan?
A safe and comfortable lifestyle requires having a safety plan to deal with unplanned/immediate needs at any time. Usually, we continue living in an unplanned way and if someone thinks about the upcoming problems and saves some money in a planned way, then we don’t rush in times of danger. So, we sometimes run late, if someone is late then it becomes important to take a loan from various financial institutions. Today we present information about Bank Asia Personal Loan which will help you with your instant personal loan to meet the needs of these challenging times.
We have to live our lives to the fullest and grow economically to be strong. Bank Asia believes that to manage the economy in the right way, we often have to face loans. In this regard, Bank Asia wants to be the right partner for you by providing suitable personal loan products that will help you meet your needs.
Loan Features
- Loan amount: minimum Tk. 50,000.00 to Maximum Tk. 2,000,000.00*
- Repayment tenure: maximum 5 year
- Only spouse is allowed as a joint applicant
- Re-payment method: Equal Monthly Installments.
- No hidden cost.
Eligibility for the loan
- Age limit: Minimum 23 years, Maximum 65 years at loan maturity
- Minimum income Tk. 15,000.00 per month.
Charges & Fees
- Penal Interest: 2% per month on the overdue amount
- Processing fee: 0.50% but not exceeding Tk. 15,000
- Partial / Final prepayment: 0.50% on prepayment amount.
- Relevant stamp charges will be realized from the borrower(s).
Customer Segment
- Any Bangladeshi individual who has the means and capacity to pay back the bank loan. In specific terms, these could be salaried executives of multinational and middle to large size local corporate, educational institutes, government officials, officials working in reputed NGOs (Non-Government Organizations), international aid agencies, and UN bodies, having a reliable source of income.
Required Documents for Bank Asia Personal Loan
Here are the documents you need to submit when applying for a personal loan from Bank Asia, list of Required Documents for Unsecured Personal Loan (UPL):
- Properly filled up Loan Application Form (LAF)
- Up-to-date Letter of Introduction/ Pay Slip
- Valid income certificate
- Copy of National ID/ Smart ID Card
- Copy of E-TIN/ Last income tax certificate
- Copy of latest paid utility bill
- Bank statement for last year (with the reflection of declared income)
- Loan statements and sanction advice (if any)
- Other documents required by the bank (if any)
- Nominee’s National ID/ Passport & other required documents photocopies.
Frequently Asked Questions (FAQs) for Bank Asia Personal Loan
Q: What is an unsecured Personal Loan?
A: An unsecured Personal Loan is a retail loan designed to meet individual financial requirements.
Q: What are the criteria for getting a Personal Loan?
A: To qualify for an Unsecured Personal Loan, one should meet the following criteria:
- Be a Bangladeshi citizen
- Hold a salaried position
- Have a total service length of at least 1 year after confirmation
Q: What are the minimum and maximum loan limits for Bank Asia Personal Loan?
A: The minimum loan limit for Bank Asia Personal Loan is 50 thousand, while the maximum limit is 20 Lacs.
Q: What is the minimum and maximum loan tenure for Bank Asia Personal Loan?
A: The minimum loan tenure for Bank Asia Personal Loan is 12 months, and the maximum is 60 months.
Q: What is the interest rate for a Personal Loan?
A: The interest rate for a Personal Loan is 9.00%.
Q: What is the guarantee requirement for a Personal Loan?
A: To obtain a Personal Loan, a customer needs to provide two personal guarantees.
Q: What is the reference requirement for a Personal Loan?
A: The customer is required to provide two references to avail of a Personal Loan.
Q: How many days are required to process a loan (Home loan/ Personal Loan / Auto Loan)?
A: In general, it takes approximately 7 working days for a home loan, 2 working days for a personal loan, and 4 working days for an auto loan to be processed.
Q: What is a guarantor?
A: A guarantor is a person who commits to pay the borrower’s debt if the borrower defaults on their loan commitment.
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