The new product styled 'Sammriddhi', or prosperity, was launched at a press conference in Dhaka yesterday. The bank has launched the loan programme with the support of IFC- SEDF (International Finance Corporation's South Asia Enterprise Development Facility).

Under the scheme, light engineering factory owners will be able to get Tk 30 lakh-Tk 2 crore corporate loan and Tk 3 lakh-Tk 30 lakh SME loan, Khwaja Shahriar, head of Corporate Banking of BRAC Bank, told the press briefing.

Although interest rate has been fixed at 17 percent, borrowers will receive different types of facilities under the service, Shahriar said.

Describing a facility, Shahriar said the light engineering entrepreneurs will get collateral-free loan under the service.

Around 95 percent of SME loans disbursed so far by the bank are collateral-free, said Farzana Chowdhury, head of SME Banking of the bank.

Around 80,000 people are involved with 7,000 light engineering factories across the country, the bank officials said.

Rajeev Gopal, coordinator, sector development of IFC-SEDF, and Tanveer Rahman, manager (marketing communications) of BRAC Bank, among others, were also present at the press conference.