Bkash Loan Rules and How to Get It? Did you know that with a Bkash account, you can get a Bkash loan ranging from 500 Taka to 30,000 Taka without hassle?
Even if you were unaware of this, there’s no problem. Since you’re reading this article, you will learn all its details here.
This article provides a detailed discussion of what a Bkash loan is, how to take a loan from Bkash, the rules for taking a loan from Bkash, what to do if you cannot repay a loan from Bkash, and much more.
What is a BKash loan?
Although the bKash loan is well-known to almost everyone, it is mainly provided by Bangladesh City Bank.
According to their policy, City Bank provides loans starting from 500 taka to a maximum of 30,000 taka based on the transactions in your bKash account.
You have to repay this loan in installments through your bKash account.
City Bank Bkash Loan Rules
City Bank has introduced the convenience of instant loans for bKash customers without any paperwork.
Bkash Loan from City Bank is an easy and convenient way to get a loan immediately after applying.
It is a 3-month Bkash loan and does not require any bank account or collateral.
Moreover, there is no need to submit any paperwork for Bkash Loan, which makes the process even easier.
The loan amount will provide an auto-installment payment facility from your Bkash account balance, so you do not have to do anything separately to pay the installments on time.
It is worth noting that City Bank charges a processing fee of 0.575% (0.5% + VAT) on Bkash Loan.
Bkash Loan Types
Bkash offers various types of loans, including:
| Loan Type | Details |
|---|---|
| General Loans | Can be used for both personal and business purposes. |
| Education Loans | To meet educational expenses. |
| Entrepreneurial Loans | To start a new business. |
| Agriculture Loans | For farming. |
BKash Loan Eligibility
Below are the eligibility and specific criteria you must meet to get a Bkash loan.
| BKash Loan Eligibility Criteria |
|---|
| Must be a bKash customer |
| Must be at least 18 years of age |
| Must have a valid national identity card |
| Must have a regular source of income |
| Must have a good transaction history |
Benefits of bKash Loan
Under this loan facility, a customer can avail of a loan from the BKash app from City Bank ranging from 500 Taka to 30,000 Taka.
The loan amount will be deposited into the bKash account, and the customer can withdraw the loan amount from the bKash account.
A customer can avail of only one loan at a time. As per the instructions of Bangladesh Bank, an annual interest rate of 9% will apply to the loan amount.
bKash Loan Repayment Rules
While applying for a loan and after receiving the loan, the customer can see the loan installment amount and repayment date on the dashboard.
If the customer wishes, a certain amount of money will be deducted from the customer’s bKash account through auto-payment on the specified loan repayment date.
Or, if the customer wishes, he can repay the loan himself before the specified date, which will result in a meager interest rate.
If the customer does not have the appropriate amount of money in the customer’s bKash account on the specified date and the loan amount is not repaid by the customer before the specified date, a late fee will be applicable.
Which will be a 2% annual late fee rate on the loan amount.
Who can get a bKash loan?
| Must be a bKash customer | According to the loan policy, City Bank will provide this loan benefit to selected bKash customers. |
| Must use the bKash app | To check if you are eligible for a loan from City Bank, go to the loan option in the bKash app. |
| Loan terms and conditions | The interest rate, processing fee, loan limit, repayment terms, eligibility, and credit policy are determined by City Bank following Bangladesh Bank’s guidelines. |
How to take a Bkash loan?
How do you take a loan from the bKash app? The bKash loan system and some rules for taking a loan from the bKash app will be shown to you step by step below.
bKash Loan Application Process
Step-by-Step Process for Applying for bKash Loan:
| Step Process | Details |
|---|---|
| Step 1 | First, log into the bKash app using your PIN. |
| Step 2 | Click on the loan menu. If you are not eligible for the loan, it will show as empty. If eligible, it will show “You can take a loan of up to 10,000 or 5,000.” |
| Step 3 | Click on “Agree to the terms and conditions” and proceed. The loan amount of 10,000 and the repayment period of 3 months will be displayed. Click next. |
| Step 4 | The available loan limit will be shown. Click on “Take loan according to the terms and conditions”. |
| Step 5 | It will show “Your loan was successful.” |
| Step 6 | Click on “Return to Home” and check your balance. |
The bKash loan system allows customers to easily avail of financial assistance, especially in times of need.
With the right qualifications and transaction records, getting a loan within minutes through the bKash app is possible.
However, it is essential to understand the terms and conditions well before taking a loan and ensure timely repayment to avoid additional interest or penalties.
While the bKash loan process is simple and convenient for everyone, taking out a loan responsibly and repaying it on time is essential.
To get a bKash loan or more detailed information about bKash loans, you can visit the bKash official website.
Often asked questions about Bkash Loans
How many transactions can I get a bKash loan for?
To get a bKash loan, you usually need to make at least 10,000 taka of transactions per month. The amount of loan you will get based on these transactions will depend on your transaction habits and bKash profile.
What is the interest rate on a bKash loan?
The interest rate on a bKash loan is usually between 10-15%. This interest rate is determined according to the loan amount and repayment period. The interest rate may vary depending on your account transaction profile and the loan terms.
What are the rules for repaying a bKash loan?
It is essential to adhere to the specified deadline for repaying a bKash loan. The loan repayment date and amount are determined through the app—failure to repay the loan on time risks additional penalties or termination of service.
How much is the profit of bKash Savings?
You can earn a profit of 5% to 7% through a bKash Savings Account. By saving regularly through this savings scheme, you can earn profit monthly, which is calculated based on your capital.
What happens if you don’t repay your bKash loan?
If you don’t repay your bKash loan within the stipulated time, you may have to pay additional penalties, and other restrictions may be imposed on your account. If you don’t repay your loan long enough, your bKash account may be suspended.
How long does it take to get a bKash loan?
After applying for a bKash loan, the application process is usually completed within a few minutes, and the loan is credited to the bKash account.
What is the maximum amount of a bKash loan?
The minimum amount of a bKash loan usually ranges from 500 Taka to 30,000 Taka, and the maximum amount depends on the customer’s transaction record and profile.
Learn more: How to do bKash agent business
Bkash Loan System – Final Words
Finally, I have to say! Bkash Loan is essential for students, middle class, or small business owners.
In today’s article, we have discussed how to take a Bkash Loan, the easy method of taking a Bkash Loan, the Bkash Loan amount, the Bkash Loan period, and the Bkash Loan repayment time.
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