How can I get a government loan in Bangladesh? This article explains the procedure for getting a government loan and the conditions for taking a bank loan.
Here, we will discuss in detail how to get a Bangladesh government loan and what conditions need to be met to get a bank loan.
How can I get a government loan? Many people misunderstand this!
Remember, government loans are usually intended for government employees working in permanent positions in various ministries, departments, or offices of the Bangladesh government.
Usually, no deposit or collateral is required to get such a government loan. However, many government employees are not aware of this facility.
Now we will know how to get this government loan and its terms and conditions.
How to get government loan in Bangladesh?
Certain conditions must be met before you can apply for a government loan. The conditions mentioned below must be met:
- Permanent Employee Position: To get a government loan, the applicant must hold a permanent position in any ministry or department.
- Applicant Age Limit: The maximum age of the candidate to take a loan should be 56 years.
- Monthly Salary: The applicant’s salary must be covered by online banking or an electronic fund transfer (EFT) system.
- Other Loan Record: If you have taken a loan from any financial institution before, your loan repayment record should be good. Any delay or problem in loan repayment can be an obstacle to getting a new loan.
Note that employees of state-owned or autonomous organizations, contractual or temporary employees and those against whom a charge sheet has been filed in a criminal case will not be eligible for this benefit. Eligibility may be reconsidered after the case is disposed of.
Which bank in Bangladesh gives government loans?
Several banks in Bangladesh offer preferential loans to government employees. Notable among them are:
- Agrani Bank PLC
- Janata Bank PLC
- Sonali Bank PLC
The loan repayment process is usually completed by deducting a particular portion of the monthly salary.
In many cases, the government simplifies this process so that there is no additional pressure on the employees. The loan repayment period depends on the loan amount and the bank’s policies.
Essential things to keep in mind before taking a Bangladesh government loan:
Before taking a government loan, the importance of repayment capacity, proper repayment records of previous loans, and responsibility should be considered.
It is essential to plan carefully what percentage of the monthly salary can be used to repay the loan because if the loan is not repaid on time, it may be challenging to get new loans.
Learn more: Probashi Kallyan Bank Loan
Government Loan Application Process
To get a government loan, you must follow some steps. You can apply for a loan directly by going to the bank, but now, many banks also offer the opportunity to apply online.
Below, we have mentioned some of the processes for applying for a government loan:
- First, you need to have some important documents ready. These include your employment letter, salary slip, and online proof of salary withdrawal.
- To apply for a loan, you must complete the bank’s prescribed form and provide your personal, workplace, and financial information.
- Generally, no deposit is required for government loans, but in some cases, an office colleague is required as a guarantor. This depends on the bank.
- The bank will verify your salary account and previous financial history. If everything is in order, they will approve the loan.
- Finally, if the loan application is approved, the loan will be deposited in your account from the bank within the stipulated time.
How to get government loans – Know in detail
The applicant needs to know the correct process for getting a government loan. Find out how to apply for a government loan at Agrani Bank, Janata Bank, or Sonali Bank and what steps must be followed!
Open a specific bank account
You must have a bank account at the branch where you will apply to get a loan.
This account will distribute and collect salary allowances, pensions, and housing construction loans for the concerned employee.
Therefore, if you do not have an account with any bank, you need to open one before applying.
Apply for a government loan
If you are interested in taking a government loan, first, you must log in to the official websites of Agrani Bank, Janata Bank, or Sonali Bank.
You will need to fill out an online application form. If you provide the correct information on this form, you will receive a tracking number.
You need to download and print out this tracking number and store it properly, as it will be required.
This is the initial step; if you complete it successfully, you can move on to the next step.
Collect required documents for government loan
After completing the initial application, the applicant must collect additional documents, including the original application form.
The loan availability certificate, salary allowance “EFT” transfer certificate, and checklist can be collected from the bank’s website.
It is essential to collect these documents, as they will be required for submission to the bank later.
Submit the required documents to the bank
You must submit all the required documents, including the initial application form, tracking number and original application form, to the bank branch. Such as:
- Loan Availability Certificate
- Salary Allowance Transfer Certificate
- Other required documents mentioned in the checklist
It is essential to prepare these documents properly, as it will facilitate your loan process.
Learn more: How to get Bkash loan
Finally, the loan application result
The bank authorities will review the documents and forms you submit. If necessary, they may ask for more information or documents from you.
After reviewing the application, the bank will decide whether you are eligible for the loan. If everything is filled out correctly and the bank’s conditions are met, you can get the loan.
Conclusion
It is essential to follow the correct guidelines when applying for a government loan. The process is similar to getting a loan from Agrani Bank, Janata Bank, Sonali Bank, or other government banks.
After first applying online, collecting the tracking number and submitting the required documents, the concerned bank will verify the application and take necessary action if you are eligible for the loan.
I hope you have learned about the process of getting a government loan after reading this article. If you follow these guidelines, you can easily apply for a loan from any government bank in Bangladesh.
What is required to take a Sonali Bank loan?
To get a loan from Sonali Bank, you must submit a loan application form, National Identity Card (NID) or passport, address proof (such as electricity or gas bill), income proof, and collateral documents if necessary.
What is required to open an account in Janata Bank?
Photocopy of voter ID, two copies of photograph, photocopy of utility bill of the house, photocopy of voter ID of the nominee and one photograph. Once the account is created, deposit 500 taka in your account.
What are the government banks in Bangladesh?
Basic Bank, Janata Bank, Agrani Bank and Rupali Bank. In addition, there are four private sector banks: Padma Bank, Bangladesh Commerce Bank, National Bank and AB Bank.
