DHAKA, Nov 15, 2022 (BSS) - BRAC Bank Ltd has launched the country's first ever end-to-end digital loan app named 'Shubidha'.

The app will enable customers to apply for digital retail loans from anywhere in Bangladesh and thus getting loan approval instantly.
 
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 a press release.

'Shubidha' App has two variants- one to be used by the customers and another by business partners of BRAC Bank. The customers will experience a complete digital borrowing journey quickly, securely and conveniently using the customer app. 

They can avail of the loan from their convenient location and do not need to visit any branch or contact any bank representative to avail of the loan facility. 

If applied during working hours, customers can know about loan sanction decisions within a few minutes of application. After loan approval, customers can visit the bank's empanelled partner outlets to purchase their desired products using the loan facility.

At that time, the partner will use the partner app to process the loan for the customers' purchase. 

In addition to the benefits for the valued customers, Shubidha App has significantly reduced its loan processing time and opened a new gateway for the bank to reach many untapped customers through a digital platform. 

In the pilot phase, the bank has provided an SMS offer to select customers maintaining an account with the bank to avail 'Shubidha' App. 

Invited customers can download 'Shubidha' App from Google Playstore or App Store and use the app to avail of Digital Personal Loan to purchase their desired products and services from the Bank's enlisted partner outlets. 

The customers can avail up to Taka 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. 

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

"As a customer-centric bank, BRAC Bank will continue its pursuit to bring new technology to ensure a delightful customer experience," he added. 

It is noteworthy that the bank has also introduced a digital loan facility for MPO based teachers in Gazipur and Savar areas to purchase laptops.