BRAC Bank's 'Subidha' App' is offering loans up to Tk 3 lakh on mobile

BRAC Bank has launched the country's first end-to-end Digital Loans app, which is called Fajit. BRAC Bank is providing an opportunity to take loans at home through this Digital Loans app. So without further delay let's know in detail about BRAC Bank's digital loan app "Subidha".

What is the convenience app?

The advantage is BRAC Bank's Digital Loans service through which customers can apply for Digital Retail Loans anywhere in the country and get instant approval. Users can download the facility app from Google Play Store and Apple App Store. Shopping and transactions can be done from the bank's partner outlets using this loan app. Brack Bank intends to establish the Soofi app as a one-stop solution for all loan-related matters.

The facility app has two variants – one to be used by customers and the other to be used by BRAC Bank partners. Thanks to the benefit of the app, users can enjoy the complete loan experience within the app.

How much money can be borrowed?

A customer can take a loan of up to Rs 3 lakh through the facility app. This loan can be taken from anywhere in the country, it does not require going to any branch of the bank or contacting any officer or officer of the bank. Various products and services can be enjoyed from the listed outlets of BRAC Bank using the loan. It is better to say that BRAC Bank will decide what amount of money a customer will get a loan. As a result the maximum loan amount may vary from customer to customer.

Duration

BRAC Bank facility loan can be repaid in minimum 3 to maximum 18 installments. The tenure of the loan depends on how much you borrow and how many installments you pay.

Interest Rate

The annual interest rate of the loan availed through Sofaji App is 9%. That means you have to pay 9% interest on the amount you borrow. Besides, loan processing fee 0.5% excluding VAT, CIB charge Rs 100 excluding VAT and stamp charge Rs 100 have to be paid. Loan charges and fees will be deducted from the customer's BRAC Bank main account.

What can be done with the loan?

Products can be purchased from the contracted merchant outlets through the Sofai app. Purchases can be made by facility loan at certain outlets of Transcom Digital, Hatil Furniture, Gadgets & Gear, Butterfly, Sharetrip, these merchants.

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Here, if you purchase the product through loan, you can pay up to 90% of it and the remaining amount has to be paid to the merchant in the form of down payment. If the value of the product is more than 90% of the loan received by the customer, then the excess amount has to be paid in the form of down payment. 

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Is BRAC Bank's Trust App and Facility App the same?

To get a loan from the facility app, the customer has to submit some kind of document or file. App can be downloaded from Google Play Store or Apple App Store. One can apply for the loan by registering through the app. After applying for the loan, one has to wait for the loan approval. If you apply for a loan at any time during working hours, the loan will be approved within 30 minutes.

According to BRAC Bank, you can apply for a loan even on holidays, but in that case, the loan will be approved later. The product should be purchased within 2 months of getting the loan reference number, that is, you will get this loan only for purchases. If the product is not purchased within 2 months of receiving the reference number, the loan application will expire. In that case, the customer has to wait to receive the SMS from the bank inviting him to take the loan.

Currently, this loan program is running on an experimental basis. Initially the selected BRAC Bank account holders will be notified through SMS about being selected for this digital loan. Then they can apply from the app. The service is expected to be rolled out to more customers as soon as possible.

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