bKash customers to get loans of up to 50,000 taka without collateral. Bkash app users can now take digital loans without collateral up to 50,000 taka. The City Bank, one of the country’s private sector banks, and mobile financial services provider bKash have jointly expanded the maximum limit of this loan service.
bKash announced this information in a press release on Wednesday (June 18). It said that from now on, eligible customers can easily take loans of up to 50,000 taka from the bKash app at any time. Earlier, the maximum limit of this loan was 30,000 taka.
The release further informed that the amount of the loan will be automatically determined according to City Bank’s credit risk management policy by analyzing the customer’s previous transaction history and creditworthiness.
This digital nano loan service, launched in 2021 as a joint initiative of City Bank and bKash, has reached more than 1 million customers so far. So far, about 5.5 million digital loans have been disbursed, with a financial amount of about 2,800 crore taka.
The loan process is very simple and paperless. Customers tap on the ‘Loan’ icon on the bKash app, select the loan amount within the approved limit, and confirm with their PIN number, and the money will be deposited into their account immediately. The loan has a maximum period of six months to repay. The money will have to be repaid in monthly installments and the installment amount will be automatically deducted on the scheduled date. If desired, the loan can be partially or fully repaid before the end of the term—in which case, only the interest for the period used will have to be paid. No additional charges will be charged for advance repayment.
bKash said that the loan limit has been increased following the instructions of the Bangladesh Bank to expand customer demand and financial inclusion. The company hopes that this easy-to-use loan service will become an effective and innovative example in the financial sector.
Visit bKash Office Website: https://www.bkash.com