City Bank of the private sector has extended the digital loan limit to the customers of BKAH, a financial service provider (MFS) company on mobile. Currently, Bkash’s customers can borrow up to a maximum of Rs 30,000 on a loan basis. This limit has now been raised to 50 thousand.
Bkash said this in a press release on Wednesday. According to the notice, from now on, BKash customers eligible for borrowing can borrow up to 50,000 without security from the Bkash app for any need. However, who will get the loan will depend on the user’s transaction and their past record of loan.
Bkash has said that the maximum limit for digital nano loans was Tk 30,000 for long. However, the loan limit has been increased to Tk 50,000 under the direction of Bangladesh Bank, keeping in mind the customer’s demand, confidence and the benefits of getting fast loans.
The Digital Nano loan service was introduced in 2021 with a joint venture between City Bank and Bkash. So far after its launch, the City Bank has received more than 55 lakh digital loans from City Bank using the Vikas App. The amount of the loan in the amount of money is about 2 thousand 800 crores.
According to the press release, customers can tap the ‘loan’ icon of the Bkash app in just a few clicks to get a ‘digital loan’ from City Bank up 500 to 50 thousand immediately. The maximum period of repayment of this loan is six months. Due to the digital loan, you do not have to go directly to the bank to get this loan, and no papers.
The customer’s loan acceptance and loan amount of the customer are determined by an automatic process as per the customer’s transaction review and City Bank’s Credit Risk Management Policy. And those who have not yet come under the digital loan service, can regularly get the loan if they use Bkash regularly using ad money, savings, or payment.
Borrowing method
First, the Bkash app should be tapped on the ‘loan’ icon and the amount of loan within the city bank approved limit. In the next step, the conditions of the loan should be well read and understood. Then the Bkash account will be added immediately after the Bkash account is added to the Bkash loan.
According to the loan type, the customer will have to repay the loan in a monthly installment. The installment money will be automatically deducted from Bkash on the scheduled date. However, the customer can repay a partial or complete loan before the expiry of the expiry. In this case, interest has to be paid only for the time used. No additional charge will be deducted for advance payment.
Bkash said that this digital loan has become a significant example of the country’s financial technology based on a few years of experience and success. Because of this, the amount of the loan has been increased.
