The term “consumer loan” refers to the credit extended to consumers to fund specific items or purposes. A consumer takes a loan for home purchase, education, general living expenses, etc. In summary, there are various types of consumer loan products available in the market and it is important for consumers to understand their own needs before accepting any product.
BDBL Consumer Loan Features
- Loan interest: 9.00%
- Repayment procedure: Equated Monthly Instalment (EMI)
- Fee and charges
- Application fee: Free of cost
- Documentation Fee: At actual
- Stamp Fee: At actual
- Loan processing fee:
- Up to 50 Lac 0.50% and not more than BDT 15,000
- More than 50 Lac 0.30% and maximum BDT 20,000
BDBL Consumer Loan Eligibility
To be eligible for a consumer loan, the age of the consumer has to be in the range of 21 years to 60 years. However, the maximum age of 60 years is applicable for a salaried person, but that of a self-employed professional can go up to 65 years. However, the criteria can vary from one bank to another, and various other factors can also kick into the checklist.
Required Product Documentation
Scheme Deposit Account:
- Passport-size photograph.
- Photocopy of National ID card
- Board resolution for the opening account and operation of the account. (For Limited Company only)
- Memorandum and Articles of Association. (For Limited Company only)
- Certificate of Incorporation (For Limited Companies)
Transactional Account (Savings, Current Account, Short Term Deposit):
- Two copies of the passport-size photograph.
- Photocopy of National ID card
- Photocopy of the TIN certificate, if any
- Memorandum and Articles of Association. (For Limited Company only)
- Certificate of Incorporation (For Limited Company only)
- Board resolution for the opening account and operation of the account. (For Limited Company only)
- Up to date Trade License (for Organization only)
- Photocopy of VAT certificate, if any.
- IRC & ERC copy, if applicable.
- List of all the Directors, if applicable.