A personal loan is a loan to an individual for his own use. The chances of getting other commercial or business loans are less so anyone who wants the amount can easily get a personal loan easily. There is no need to mortgage anything to get a personal loan and you can use it for any urgent need, which has no restrictions from Eastern Bank Limited (EBL).
Eastern Bank Limited (EBL) Personal Loan
| Feature | EBL ASSURE | EBL EXECUTIVE LOAN | EBL WOMEN’S LOAN |
|---|---|---|---|
| Interest Rate | 9.00% | 9.00% | 9.00% |
| Minimum Loan Amount | BDT 100,000 | BDT 100,000 | BDT 100,000 |
| Maximum Loan Amount | BDT 2,000,000 | BDT 2,000,000 | BDT 2,000,000 |
| Loan Tenure | Tenure maximum 12,24,36,48, and 60 months | Tenure maximum 12,24,36,48, and 60 months | Tenure maximum 12,24,36,48, and 60 months |
| Processing Fee | Up to BDT 5 Million- 0.50% or BDT 15000 whichever is lower; More than BDT 5 Million[1]0.30% or BDT 20000 whichever is lower | Up to BDT 5 Million- 0.50% or BDT 15000 whichever is lower; More than BDT 5 Million[1]0.30% or BDT 20000 whichever is lower | Up to BDT 5 Million- 0.50% or BDT 15000 whichever is lower; More than BDT 5 Million[1]0.30% or BDT 20000 whichever is lower |
| Reschedule/Restructure | 0.25% but not more than BDT 10000/- | 0.25% but not more than BDT 10000/- | 0.25% but not more than BDT 10000/- |
| Early settlement | Term Loan-0.5%, Demand Loan/ Continuous Loan- Nil | Term Loan-0.5%, Demand Loan/ Continuous Loan- Nil | Term Loan-0.5%, Demand Loan/ Continuous Loan- Nil |
Benefits of EBL Personal Loans
- You can take a personal loan for BDT 20 lac or more
- Choose a personal loan tenure of up to 60 months and repay your loan in easy EMIs
- You can apply for the loan Offline at the nearest branch or Online modes
- Minimal personal loan documents plus a hassle-free application process
- The loan amount is open to you for uses
- Your affordable interest rate is up to 9.00% p.a.
- Easy and Quick approval system according to personal loan eligibility.
Key Features of EBL Personal Loans
A. EBL ASSURE Loan
| Features | EBL ASSURE |
|---|---|
| Special feature | 1. Life Insurance coverage with MetLife ALICO 2. Insurance coverage for Death or Permanent total disability (Sickness or Accident) |
| Features | 1. Loan amount minimum BDT 100000 – BDT 2000000 (or maximum 20 times gross income whichever is lower) 2. Repayment tenure maximum 12,24,36,48 and 60 month 3. Processing fee 0.5% of the loan amount 4. Competitive interest rate 5. One personal guarantor needed 6. Early full and partial settlements allowed 7. No hidden charges 8. No security required 9. Hassle free with Minimal documentation |
| Age | 1. Minimum 22 years 2. Maximum 60 years(Salaried), 65 years (Professional) |
| Length of experience | 1. Salaried Executives: Minimum 1 year, 6 months with present employer 2. Self-employed Professionals: Minimum 1-year practice in the respective profession |
| Minimum Gross Monthly Income | 1. Salaried Executives: Minimum Gross Monthly Income BDT 20000 for Govt. & non-govt. employee 2. Self-employed Professionals: Minimum Gross monthly Income BDT 30,000 |
B. EBL EXECUTIVE LOAN
| Features | EBL EXECUTIVE LOAN |
|---|---|
| Special feature | Not Applicable |
| Features | 1. Personal loan facility for any consumer needs. 2. Loan Amount: BDT 100,000 to BDT 2,000,000 or up to 20 times of Gross Monthly income, whichever is lower 3. Repayment tenure of 12 months to 60 months 4. Competitive interest rate 5. One personal guarantor needed 6. Early full and partial settlements allowed 7. Minimal documentations 8. No security required 9. No hidden charges 10. ​Shortest loan processing time |
| Age | 1. Minimum 22 years 2. Maximum 60 years (Salaried), 65 years (Landlord/Professional) |
| Length of experience | 1. Salaried Executives: Minimum 1 year, 6 months with present employer 2. Self-employed Professionals: Minimum 1-year practice in the respective profession |
| Minimum Gross Monthly Income | 1. BDT 20000/= for Salaried Executives (Govt. & Non-Govt.) 2. BDT 30000/= for Self-employed professionals/Landlords |
C. EBL WOMEN’S LOAN
| Features | EBL WOMEN’S LOAN |
|---|---|
| Special feature | Not Applicable |
| Features | 1. 12, 24, 36, 48 & 60 months (irrespective of the loan amount) 2. Partial Payment: Any point of time; Minimum 30% payment of outstanding; 3. Early Settlement: At any point of time; Related Prevailing Fees will be charged. 4. Personal Guarantor: 1 personal guarantor required (Spouse Guarantor is preferred) 5. Reference: 2 references will be required 6. Joint Application: Spouse only; Total gross monthly income of Principal & Joint Applicant should be a minimum BDT 30,000 per month |
| Age | 1. Minimum 22 years 2. Maximum: Salaried Segment: 60 years, Professional & Landlady Segment: 65 years |
| Length of experience | 1. Permanent Salaried Executive: 2. Minimum 1-year continuous service Length and 6 months with the present employer; Professional: 1 year of practice; |
| Minimum Gross Monthly Income | Salaried Segment (gross monthly Salary/Income): 1. BDT 15,000 for Teachers & government employees 2. BDT 20,000 for Teachers & government employees 3. Professionals & Landladies: BDT30,000 4. Contractual Employee: BDT 30,000 |
EBL Personal Loan Required Documents
Essential documents required are given as follows:
| Requirements | Salaried Individuals | Self Employed |
|---|---|---|
| Proof of Identity | National ID, Driving License, or Passport | National ID, Driving License, or Passport |
| Proof of Income | Bank statement of salary account for the previous six months | Audited financial statements of the previous year |
| Proof of Residence | Copy of utility bills | Copy of utility bills |
To take EBL personal loan, these are the documents that you will need to submit to the lender:
- Your Recent passport-size photographs, and of the guarantors
- Copy of your National ID Card
- Your work Email ID or the Email ID of the HR of the company
- Salary Certificate or salary slips
- Proof of Identity, Residence, Income, and Assets
- Bank statements for the previous 6 Months
- EBL has announced an extension of the Moratorium for the EMIs
Types of EBL Personal Loans in Bangladesh
You can legally use EBL personal loan for any of your needs. However, lenders offer different loan products based on certain sectors and uses, which the borrower will specify in the loan application. Based on the borrower’s need, several personal loans can be availed from EBL:
- Personal Loan for Home Renovation: Home Renovation Loans are taken to cover the cost of repairing or renovating your home.
- Personal Loan for Pensioners: This loan is called a personal loan for pensioners because the loan is specifically offered to a pensioner.
- Personal Loan for Wedding: This loan is mainly given to meet the expenses of a wedding so it is a wedding personal loan.
- Personal Loan for Festivals: Some banks offer personal loans only for festivals, but EBL offers maximum benefits in festival loans. If you are looking for a personal loan to celebrate a festival, then you can apply for EBL Festival Loan.
- Personal Loan for Vacations: A holiday loan is specifically settled just for holidays. An employee can take a holiday loan and repay the loan amount in easy installments at a later date.
What to do after closing the EBL Personal Loan?
Paying off your loan whether partly or fully does not mean that your obligation for the loan is over. There are various things you must do after you complete paying off all your dues:
Statement of Account: Bank account statement is optional in nature, usually not all lenders provide it. If for any reason your statement score is inconsistent, you can take necessary action using the account statement to make the necessary changes.
No dues certificate: When you pay off your loan amount in full, the lender will issue you a No Arrears Certificate as proof that your loan has been paid off. This is one of the most important documents that you must collect from the lender after paying off your loan.
Unused Cheque: Collecting any outstanding certificates along with unused checks usually marks the end of a personal loan.
How to Get a Statement of EBL Personal Loan?
You can get your loan statement by visiting the nearest branch of your lending bank or you can check the bank web portal for the same. On most banking websites entering the account number and other essential details will provide you with your personal loan statement through your registered e-mail.
Why Choose Eastern Bank Limited (EBL) for your Personal Loan?
- Several offers on a single platform: Eastern Bank saves you the distress of visiting individual websites/offices to compare available personal loan options.
- Check the loan eligible amount: The EBL web platform allows you to determine the loan amount for which you are eligible yourself.
- Personal loan EMI calculator: Make use of the EBL personal loan EMI calculator to determine your monthly EMI payment. This trait allows you to plan your finances more suitably.
- Quick Assistance: EBL provides its customers with services that are available 24 hours a day, seven days a week. You can contact EBL at any time of day or night, and we will do our best to respond as soon as possible. Furthermore, the approval process for personal loans is quick and easy.
- Apply for a personal loan online: To save time and money, you can apply for a personal loan online through ebl.com.bd. In addition, you contact EBL customer care service to request all of your queries about your personal loan application.
- Secure Privacy and Transparency: EBL personal loan application information is kept private and secure, and no third parties are involved.
Frequently Asked Questions (FAQs) About EBL Personal Loan
What is an EBL personal loan?
An EBL personal loan is an unsecured loan that you can borrow a loan to your any personal sort of financial need.
What is the maximum amount of personal loan I can get?
The amount of loan you can get completely depends on your monthly income. In Bangladesh, EBL offers up to BDT 20 lac.
What is a prepayment of a personal loan?
In case you wish to repay the loan before the end of the tenure, it is termed as a prepayment of a personal loan. You may do it partially or even completely.
How does a personal loan work?
Once you submit your application to EBL, the EBL concerned person verifies and approves it according to the requirements of the bank. Post this, the loan amount is immediately disbursed into your bank account. You will be mandatory to pay the EMIs every month as a repayment of your loan.
What is an EMI?
Equal Monthly Installment or EMI is the amount of money that a borrower is required to pay every month to clear off the debt within a mentioned specific tenure. EMI will be considered including the principal amount and interest on the loan.