BRAC Bank personal loan is a product that allows you to borrow money from BRAC Bank for various personal needs, such as education, medical, travel, wedding, home renovation, debt consolidation, etc.
BRAC Bank personal loan features and benefits
- Loan amount is up to BDT 25 lac, depending on your income and eligibility.
- Interest rate is competitive and varies from 10.50% to 12.75%, depending on the customer segment.
- Tenure is flexible and ranges from 12 months to 60 months.
- Processing fee is low and ranges from 0.30% to 0.50% of the loan amount, depending on the loan amount.
- No collateral or guarantor is required for unsecured loan.
- Partially secured loan option is available for customers who can provide fixed deposit or savings certificate as security.
- Repayment option is convenient and can be done through auto debit, cheque, or online banking.
- New digital loan app allows customers to apply for personal loan online and get instant approval.
BRAC Bank personal loan eligibility criteria
To apply for BRAC Bank personal loan, you need to meet the following eligibility criteria:
- You must be a Bangladeshi citizen.
- You must be between 25 to 65 years old.
- You must have a minimum monthly income of BDT 25,000 for salaried individuals, BDT 30,000 for businessmen/self-employed individuals/landlords, and BDT 40,000 for professionals.
- You must have a minimum of one year of work experience for salaried individuals and three years of business experience for businessmen/self-employed individuals/landlords.
- You must have a good credit history and repayment capacity.
You also need to submit the following documents along with your application
- Latest one year personal bank statement.
- Latest tax clearance certificate or return receipt of tax.
- Photocopy of national ID card.
- Letter or allotment agreement or byna deed for home loan.
- Registered ownership deed for home credit or takeover loan.
- Price quotation for home credit loan.
- Trade license for last three years (only for businessmen).
- Latest one year bank statement of the company (only for businessmen).
- Registered partnership deed for partnership company (only for businessmen).
- IMOA+ certificate of incorporation+ latest schedule X for private limited company (only for businessmen).
- Certificate of membership of respective professional association (only for self-employed).
- Declaration on self-pad along with seal (only for self-employed).
- Certificate of a professional degree (only for self-employed).
- Registered ownership deed (only for landlords).
- Rental deed (only for landlords).
- Copy of any utility bill (electricity/water/gas) (only for landlords).
If you are interested in applying for BRAC Bank personal loan, you can visit the BRAC Bank website or app to fill out the online application form and upload the required documents. You can also visit any BRAC Bank branch or call their 24 hours call center at 16221 or email them at enquiry@bracbank.com for more information. BRAC Bank personal loan can help you fulfill your personal needs and dreams with ease and convenience.
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