Bangladesh Bank has fixed loan application fees for financial institutions at a maximum of Tk200.
The central bank issued the directive in a circular on Tuesday.
“Loan application fees will be a maximum of Tk200 and the document processing fees, CIB charge, stamp charge and legal and valuation fees will depend on the actual cost,” said the circular.
Fees or penalty interest or profit for delaying payment of a loan instalment will not exceed 2% of the outstanding loan amount along with interest rate, said the circular sent to executives of all financial institutions operating in Bangladesh.
According to the circular, in case of repayment of loan or lease before the expiry, the maximum amount of the payment fees will be 2% of the outstanding loan or lease.
In the case of adjustment of loans before the schedule time given in the cottage and micro sector, no fees will be taken.
No charge will be taken from the customer for giving balance confirmation certificate for half yearly basis credit or lease calculation.
If the balance confirmation certificate is given more than twice following the customer’s demand the maximum charge will be Tk200 per time.
This article was first published on banglatribune.com