Eligible customers can take loans ranging from Tk 50 to Tk 10,000. However, the loan money cannot be withdrawn in cash or transferred to a bank account or mobile financial services account. The money can be used to pay electricity and gas bills, mobile recharge, education and medical expenses, travel, taxes, government fees, loan installments and insurance premiums through designated digital channels.
The loan repayment tenure will be 7, 15 and 30 days. Instead of interest, a fixed service fee must be paid. For loans from Tk 50 to Tk 250, the maximum service fee may be Tk 3 to Tk 6, and for loans from Tk 7,001 to Tk 10,000, it may range from Tk 35 to Tk 130.
If the loan is repaid on time, no additional interest or early repayment fee has to be paid. However, a penalty may be imposed if the deadline is crossed.
Initially, banks will run this facility on a pilot basis for at least six months. The entire process, from customer registration to loan approval, disbursement and repayment, will be completed digitally.
