Tk 50b digital loans disbursed from City Bank via bKash app

Customers have taken collateral-free digital loans more than 12.7 million times from the City Bank through the bKash app.
This milestone was achieved by disbursing over Tk 50 billion within just three years of launching the service. So far, more than 1.9 million customers, of which 25 per cent are women, from all 64 districts of the country have availed the service. Moreover, most of the borrowers have taken the loan multiple times, says a press release.
The scope of getting instant loans from the bKash app, especially for the unbanked and underserved customers in the country, is making financial inclusion sustainable by expanding access to finance. Without the hassle of paperwork, customers can instantly take collateral-free loans ranging from Tk 500 to Tk 50,000 anytime with just a few taps.
By analysing transaction data and leveraging technology, the loan amount from the City Bank is automatically determined for the loan applicants. According to the borrowers, these loans are being used for medical expenses, education, raising business capital, starting new ventures, travel, and other emergency needs.
While taking the loans via bKash app from the City Bank, borrowers don't need to go anywhere or submit any documents. Customers can view details such as interest rates, processing fees, and other charges directly in the app before taking the loan.
With availability of sufficient balance, the installment amount on the loan is automatically deducted on a specific date. If they wish to repay the loan early, interest would only be applicable for the number of days it was taken. The due date for installment is notified through in-app notifications as well as SMS reminders.