With the help of the Directorate of Secondary and Higher Education (DSHE), BRAC Bank has made it easy for MPO-listed teachers to purchase laptops through its Digital Personal Loan.
BRAC Bank signed a memorandum of understanding (MoU) with DSHE at the latter's office in Dhaka recently.
According to BRAC Bank, the teachers can apply for the loan digitally through Shadhin platform developed by Shadhin Fintech Solutions Limited, says a UNB report.
Their applications will be assessed, and the bank will disburse the loans digitally with this end-to-end solution.
Teachers can avail of up to BDT 80,000 with an instalment facility of 6/9/12/15 months. They will not need to pay any down payment. Walton Digi-tech will provide the laptops at a special discounted price.
An official of the BRAC Bank said the loan will be collateral-free and single-digit interest rate will be applicable in repayment of the loan.
With this financing facility, the teachers could now create digital content for their students. The initiative is an example of financial inclusion and innovation in banking services which will also contribute to the government's vision of Digital Bangladesh.
In the first phase, teachers of MPO-listed educational institutions in Savar and Gazipur areas can avail the loan facility.
Professor Nehal Ahmed, Director General, DSHE; and Selim R. F. Hussain, Managing Director & CEO, BRAC Bank, signed the agreement in favour of their respective organisations.
All Directors of DSHE; Liaquat Ali, Deputy Managing Director, Walton Digi-Tech Industries Limited; Mohammed Shadman, Chairperson, Shadhin Fintech Solutions Limited; Md. Mahiul Islam, Head of Retail Banking; Md. Monirul Islam Rony, Head of Retail Lending; S M Ishtiaque, Head of Digital Loan Underwriting; Muntasir Rahman, Head of Application Development and Enterprise Systems, BRAC Bank, were also present.
The unique aspect of this loan is that it will be processed and disbursed digitally, giving convenience to the teachers.