Prime Bank Personal Loan through Mobile App - Prime Bank Internet Banking
For the first time, the private sector Prime Bank has started distributing digital loans to garment workers in the country. Under the pilot project, workers of four garment factories owned by Ananta Jalil received application loans through the app in early September this year.
If the project is successful, Prime Bank will launch loan activities for all garment factory workers in the country. For this, the garment workers have to open an account in Prime Bank, download the Prime Advance app from the App Store of their mobile phone, and log in.
After logging in, a notification will be sent to Prime Bank. Prime Bank will then disburse the loan after verifying the borrower's creditworthiness. For this, the recipients do not have to go to the bank. You will get the loan sitting at home. Prime Bank has launched lending activities in collaboration with SwissContact and British Fin-Tech Advance (AGAM) International.
In this regard, Majid Ul Haq, Senior Assistant Vice-President, Prime Bank's Digital Banking Division, said that the salaries of garment workers are low. They do not get loans directly from banks. We will lend to them.
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After the loan cost became viable at 9% from April 2020, a sort of contest began among the banks to diminish the loan cost. Banks and monetary foundations, specifically, have become keener on giving land advances. Thus, the financing cost on advances given by most banks is somewhere in the range of 8 and 9 percent. Meanwhile, the private area Dutch-Bangla Bank has shown major amazement. The bank is presently financing clients of different banks and monetary organizations with lodging credits at a 6% premium. Nonetheless, new advances are being given at a 6% premium. The bank has chosen to decrease the financing cost by another 50% soon. The bank has dispatched a different advance plan called 'Address'.
Prior, banks could loan up to Tk 1.20 crore. Bangladesh Bank has permitted credits up to Tk 2 crore because of expanding requests. Nonetheless, non-bank monetary organizations (renting organizations) are as of now ready to give advances according to the interest of the clients.
Bangladesh House Building Finance Corporation (BHBFC), an administration organization, has additionally expanded its credit to purchase pads and fabricate houses. Thus, an individual will get an advance of up to Tk 2 crore from BHBFC for building a house. What's more, in the event that you take credit in a gathering or in a gathering, everybody will get 1 crore 20 lakh rupees. Aside from this, if there should arise an occurrence of purchasing a level, a client will likewise get a credit of Tk 1 crore 20 lakh from this organization.