To pay emergency bills or necessary fees, short-term loans of up to Tk10,000 ($83 USD) can now be taken directly from bank mobile applications.
However, this loan money cannot be withdrawn in cash or transferred to another bank account. The loan funds must be used directly to pay the designated service providers for bills or fees.
Bangladesh Bank has issued a policy guideline introducing this loan under the name "E-Payment Credit."
Issued on Sunday, the guideline states that the purpose of this initiative is to address temporary liquidity shortages for customers and to expand digital transactions.
According to the policy, no interest will be charged on this loan. Instead, a fixed fee will be levied based on the loan amount and repayment period.
The tenure options for the loan will be 7, 15, or 30 days.
For loan amounts ranging from Tk50 to Tk250, the maximum fees for 7, 15, and 30-day tenures are Tk3, Tk4, and Tk6, respectively.
For loan amounts between Tk7,001 and Tk10,000, the maximum fees for the same tenures are Tk35, Tk70, and Tk130, respectively.
In other words, if a customer takes a loan of Tk10,000 and selects a 30-day tenure, they will have to pay a maximum fee of Tk130.
The principal amount and the fee must be repaid together.
The repayment period expires on the 8th day for a 7-day loan, on the 16th day for a 15-day loan, and on the 31st day for a 30-day loan.
Customers may repay the loan before the scheduled due date if they choose. In that case, no interest, prepayment, early settlement, or foreclosure fees can be charged beyond the designated fixed fee.
However, if a customer fails to repay the loan on time, daily penalty fees can be charged for the overdue period. This penalty cannot exceed the daily fee set for a 30-day tenure.
This credit facility can be used to pay utility bills, mobile top-ups, education and healthcare expenses, deposit scheme installments, insurance premiums, tolls, tickets, taxes, and various government fees.
