StanChart completes first over-the-weekend loan disbursement

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FE Team | Published: August 07, 2022 23:10:56

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Standard Chartered Bangladesh has completed Bangladesh's first automated over-the-weekend loan disbursement under its distributor finance programme, says a press release.
The first client to receive the funds from a distributor financing loan on a weekend was Nestlé Bangladesh Limited.
It has been a long-standing demand from clients to arrange for the disbursement of loans during the weekends. Distributors need goods delivered during the weekend, but as manufacturers do not deliver the goods until they receive the funds, the clients had to draw the loans on Thursday, the last day before the weekend.
Now, through the disbursement of over-the-weekend automated loans, distributors will be able to drawdown the loan as and when required and will be able to save interest expenses.
The bank was the first in the country to launch a fully automated, online distributor financing programme, called Flexiloan in 2018.
The bank has now introduced enhanced capabilities enabling drawdown of these loans at the weekends as well.
This enhancement will empower distributors, which are usually small and medium enterprises, by giving them access to finance seven days of the week.
Luthful Arefin Khan, head of Transaction Banking, Standard Chartered Bangladesh said, "Through this programme, the distributors not only benefit from the collateral-free structure and competitive pricing, but also learn financial discipline and proper book-keeping.”
Deepal Abeywickrema, managing director of Nestlé Bangladesh Limited, said, "The new solution will help us enhance the freshness and greatly improve the service level of our customers in bringing high-quality and world-class products to our consumers. "