Great news for expats, you will get 10 lakh rupees loan without collateral
October 2, 20242 Mins Read
Jumbangla Desk: Family members of expatriates living in Bangladesh can now take loans up to a maximum of Tk 10 lakh on the basis of bank-customer relationship without collateral.

In this case, only the family members of expatriates who send remittances through banking channels will get this loan. Bangladesh Bank has decided to increase the flow of remittances through banking channels.

In this regard, a circular was issued by the central bank on Wednesday and sent to the managing directors (MD) of the commercial banks. This is the first time that family members of expatriates have been given such an opportunity.

According to the circular, in order to increase the financial benefits of expatriate family members living in the country, banks will now be able to give loans to expatriates for proper purposes on the basis of bank-customer relationship. However, these expatriate borrowers must have a record of sending regular remittances through official channels. The maximum loan amount will be Tk 10 lakh or less.

Expatriate families who will take loans from the bank will have to pay the loan installments from the remittance sent. In this case, the banks will follow the conventional rules and regulations of the loan. Interest rate will be market based. With these loans expatriates can spend on house construction and other works. Banks will determine how much credit a customer can get from the record of sending remittances to expatriates. But in this case there is no strictness about the collateral. It will only be seen whether the expatriates are sending regular remittances through the banking channel.

According to sources, a large part of the remittances that come into the country come through hundi. This decision was taken to reduce remittance flow through Hundi. As a result, families of expatriates can easily take loans from banks. This loan will be paid through remittances sent by expatriates.

The new government coming to power is increasing new opportunities for expatriates to increase remittance flow. Among them, this facility has been given by the central bank. Apart from this, various other facilities are being provided for expatriates.

In September, expatriates sent the third highest remittances in 50 years