Bangladesh’s BRAC Bank has achieved a significant milestone in digital lending in the country by providing over 12,000 digital instant loans, amounting to more than BDT 1 billion (100 crore), within a year of its soft launch.
The bank’s Digital Instant Loan facility, recognized as the country’s first complete end-to-end digital loan service, is exclusively available to its Employee Banking clients.
The facility allows customers to secure loans up to BDT 5 lakh, which can be repaid over a period of 36 months.
This service offers competitive interest rates and processing fees, enhancing affordability for a broad customer base.
By leveraging the bank’s ‘Astha’ app, customers can apply for loans anywhere in Bangladesh, experiencing the convenience of instant loan approvals and disbursements without the need to visit a branch or interact directly with bank representatives.
This digital initiative enables clients to complete the loan application process in just 10 to 15 minutes by uploading necessary documents through the app.
If the application is submitted during working hours, the bank promises loan sanction decisions within minutes, ensuring a swift and seamless borrowing experience.
Md Mahiul Islam, Deputy Managing Director and Head of Retail Banking at BRAC Bank, noted the enthusiastic reception of the Digital Instant Loan product by customers.
The bank views this innovation as a key strategy in meeting the evolving needs of its retail customers and enhancing their banking experience.
BRAC Bank continues to focus on customer-centric innovations, affirming its commitment to streamline banking processes and facilitate access to financial services through technological advancements.
This approach not only benefits customers with enhanced convenience and efficiency but also positions BRAC Bank as a leader in the digital transformation of the banking sector in Bangladesh.