Home Finance BRAC Bank Brought Digital Loan App

BRAC Bank Brought Digital Loan App

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Photo Courtesy: BRAC Bank

BRAC Bank has launched Bangladesh’s first end-to-end digital loan app SUVIDHA. The app will allow customers to apply for digital retail loans from anywhere in Bangladesh and will get approval instantly, said the private Commercial Bank. Moreover, they can purchase products and services from the bank’s partner outlets using the app, and the loan will be disbursed digitally into the partners’ accounts in a few moments. BRAC Bank said, “The bank’s vision is to make the app a one-stop platform for loan-related solutions for valued customers.” So, the article is about BRAC Bank Brought Digital Loan App.

The app has two variants: one to be used by customers and another by business partners of BRAC Bank. If applying for loans during working hours, customers can know about loan sanction decisions within a few minutes. The app has significantly reduced loan processing time and opened a new gateway to reach many untapped customers, said the bank. 

A customer can avail of up to Tk 3 lakh digital personal loan, payable in up to 24 months. The bank said that competitive interest rates and processing fees will make the loan affordable for the customers. Commenting on the app, Md Mahiul Islam, Head of Retail Banking of BRAC Bank, said the unique aspect of the loan is that the application will be made, processed, and disbursed digitally, giving many conveniences to customers.

“Our plan is to onboard more partners from a wide range of industries keeping in mind the everyday necessity of the valued customers.” Mr. Islam added that the bank plans to scale it up and turn the app into a digital loan platform accessible from any part of the country.

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