Bangladesh Bank has updated its “e-loan” refinancing scheme to reduce economic inequality and foster an inclusive and sustainable financial sector.
Under the updated scheme, valid until 30 June 2028, scheduled banks will disburse collateral-free loans of up to Tk50,000 at low interest or profit rates.
The loans will be delivered instantly in a fully digital manner through internet banking, mobile banking applications, mobile financial services (MFS), and e-wallets.
Priority access under the refinancing facility will be extended to marginalised populations, residents of remote areas, the unbanked population, marginalised women, micro and small women entrepreneurs, students aged 18 to 25 years holding student banking accounts, persons with special needs or disabilities, and third-gender clients.
The maximum tenure for the loan is 12 months, with the customer-level annual interest or profit rate capped at 9 per cent. Bangladesh Bank is providing refinancing facility to participating scheduled banks at an annual rate of 1 per cent.
The central bank noted that the scheme is expected to bolster the income-generating activities of beneficiaries while accelerating progress towards a cashless society by increasing public habituation to digital banking platforms and mobile applications.
