bKash users can now get up to Tk 20,000 loan from City Bank

City Bank today launched a collateral-free loan product named 'Digital Nano Loan' for bKash users, after the successful completion of a yearlong pilot project.

Eligible bKash users can now apply for a loan ranging from Tk 500 to TK 20,000 through bKash app, receive the loan instantly and repay the loan in three equal monthly instalments through their bKash accounts.

The loan interest rate will be 9 per cent per annum following Bangladesh Bank's guidelines.

Zunaid Ahmed Palak, state minister for ICT, launched the Digital Nano Loan as the chief guest at the Sheraton Dhaka hotel in Banani.

Abu Farah Md Nasser, deputy governor of Bangladesh Bank, and Aziz Al Kaiser, chairman of City Bank, were present as the special guests.

Mashrur Arefin, managing director and CEO of City Bank, and Kamal Quadir, CEO of bKash, were also present.