BRAC Bank will give digital loan of Tk 5 lakh, how to apply

BRAC Bank is offering digital loans of up to five lakh taka to provide cash for urgent needs. You don't have to go to the bank branch to get this loan. No supporting documents, guarantors or checks are even required to be submitted for loan processing. Eligible customers can get loan approval decision within minutes by applying online.

The name of this loan of BRAC Bank is 'Instant Loan'. This loan can be taken for urgent money needs such as hospitalization, marriage, home renovation or travel. Customers can choose different repayment terms from 3 to 60 months. The loan amount is to be repaid in equal monthly installments (EMIs).

Who will get it?

Applicants must be at least 21 years old and maximum 62 years old to avail BRAC Bank instant loan. Salary account holders of various organizations in BRAC Bank (salary account holders) can apply for loans. Their monthly salary should be at least 15 thousand taka. Besides, at least three months of work experience in the current organization should be available.

Apart from this, according to the bank's product policies, selected current account (current account), savings account (savings account) customers as well as fixed deposit (FDR) and monthly savings program (DPS) customers can also be eligible for this loan. But not all customers will get this loan automatically.

How much money will you get?

The maximum limit of this loan is five lakh taka. Loans can be taken according to the customer's requirement and approved loan amount. Repayment period will be from 3 or 6 months to 60 months. The interest rate on the loan is variable. It will be determined based on the interest rate guidelines of Bangladesh Bank and prevailing interest rate of BRAC Bank. Apart from this, for retail or retail loans, the applicable charges have to be paid as per the Schedule of Charges (SOC) prescribed by the bank.

How to apply

There is no need to go to the bank branch or contact the bank representative for this loan. Eligible customers should apply by following the invitation SMS instructions sent by the bank. No separate supporting documents, guarantor or check submission is required for loan processing.

If you apply during the bank's office hours, you will be informed about the loan within a few minutes. Applications made on holidays or outside office hours will be processed on the next working day. The customer has to take the loan amount within two months after the loan approval. After two months the authorization will be automatically revoked.

Before taking loan

As the interest rate of the loan is variable, one should know the applicable interest rate, processing fee, other charges and monthly installment amount before applying. The longer the term of the loan, generally the higher the total interest expense. Therefore, it is necessary to select the loan amount and repayment period in accordance with your monthly income and regular expenses.