Digital loan in Bangladesh is like a dream, but with the help of Bikash, City Bank has brought easy and fast digital loan. City Bank is launching instant digital loans without any documents for Bikash users on Bikash App very easily.
Loan Features
| Title | Details |
|---|---|
| Loan amount | Bangladeshi ৳500.00 – ৳20,000.00 Taka |
| Loan tenor | 3 months (repay with installments) |
| Interest rate | 9% per annum |
| Processing fee | 0.575% (will be charged during loan disbursement) |
| Interest calculation | Daily |
Eligibility Criteria
As per lending policies, City Bank will provide this loan facility to certain customers. To know whether you can get a loan from City Bank as a Bkash customer or not, go to the loan option of the Bkash app. The authority to determine interest rates, processing fees, loan limits, loan repayment terms, eligibility for loans, and credit policies is reserved by City Bank as per the instructions of Bangladesh Bank.
Loan Details
- An Eligible bKash App user can take a loan from City Bank ranging from taka 500 to taka 20,000.
- The loan will be credited to the user’s bKash account, and the user will be able to withdraw the money from their bKash account.
- A 9% per annum interest rate will be applicable on the amount of the loan.
Loan repayment terms & conditions
- Customer can see the loan installment amount and repayment date on the dashboard while applying for the loan and after getting the loan.
- If the customer wants, a specific amount will be deducted from the customer’s Bkash account as an auto debit on the specified date of loan repayment. Or, the customer can choose to pay off the loan itself before the specified date, thereby benefiting from lower interest costs.
- If due amount is not in the customer’s development account on the due date and the loan amount is not repaid by the customer before the due date, a late fee will be applicable.
- The rate of annual late fee is 2% of the loan amount.
Frequently Asked Questions
Q: What are the minimum and maximum amounts of Digital Loan I can take?
A: You can take a Digital Loan ranging from Tk 500 to Tk 20,000.
Q: What is the term of the Digital Loan?
A: Digital Loan is available for 3 months.
Q: If I take a Tk 1000 Digital Loan for 3 months, what is the amount of interest I have to pay?
A: For a Tk 1,000 Digital Loan for 3 months, you have to repay approximately Tk 15.
Q: What is the interest rate for Digital Loan?
A: City Bank’s interest rate is 9% per annum.
Q: How frequently will interest be calculated?
A: Interest will be calculated on a daily basis. This means if you repay early before the due date, you will save money through lower interest cost because the number of days for which your loan was due will be lower.
Q: Is there a loan processing fee?
A: Yes, City Bank is charging a Digital Loan processing fee of 0.575% at the time of loan disbursement, which is allowed based on Bangladesh Bank guidelines. For a loan of Tk 1000, the Digital Loan processing fee is Tk 5.75.
Q: Is there a penalty interest rate for late payments?
A: Yes, City Bank’s penalty interest rate for late payments is 2% per annum.
Q: What will happen if I do not repay the Digital Loan?
A: City Bank will take necessary action against you as per Bangladesh Bank regulations, including reporting your information to the Bangladesh Bank.
Q: Who is providing the loan? City Bank or bKash?
A: City Bank is providing the Digital Loan. As a bKash user, you are requesting a loan from City Bank from the bKash App. City Bank’s Digital Loan will be disbursed into your bKash account, and the repayment will be from your bKash account.