Brac Bank launches Bangladesh’s first digital loan app

Brac Bank has launched the country's first end-to-end digital loan app Shubidha.

The app will enable customers to apply for digital retail loans from anywhere in Bangladesh and will get approval instantly, said the private commercial bank in a press release today.

Moreover, they can purchase products and services from the bank's partner outlets using the app and the loan will be disbursed digitally into the partners' accounts in a few moments.

"The bank's vision is to make the app a one-stop platform for loan-related solutions for valued customers," said Brac Bank.

'Shubidha' App has two variants: one to be used by customers and another by business partners of Brac Bank.

If applied for loans during working hours, customers can know about loan sanction decisions within a few minutes.

The app has significantly reduced loan processing time and opened a new gateway for the bank to reach many untapped customers, said the bank. 

A customer can avail up to Tk 3 lakh digital personal loan, payable in up to 24 months.

Competitive interest rates and processing fees will make the loan affordable for the customers, said the bank. 

Commenting on the app, Md Mahiul Islam, head of retail banking of Brac Bank, said the unique aspect of the loan is that the application will be made, processed and disbursed digitally, giving many conveniences to customers.

"Our plan is to onboard more partners from a wide range of industries keeping in mind the everyday necessity of the valued customers."

The bank plans to scale it up and turn 'Shubidha' into a digital loan platform accessible from any part of the country, Islam added.