Brac Bank has launched the country’s first-ever end-to-end digital lending app, named “Shubidha”.
The app will allow customers to apply for digital retail loans from anywhere in Bangladesh and get loan approval instantly, according to a press release.
Additionally, they can purchase products and services from the bank’s partner outlets using the app and the loan will be disbursed digitally to partner accounts within moments.
The vision of the bank is to make the app a one stop platform for loan related solutions for valued customers.
The “Shubidha” application has two variants – one for use by customers and another for business partners of Brac Bank. Customers will experience a complete digital borrowing journey quickly, securely, and conveniently using the customer app. They can avail the loan from their convenient location and do not need to visit any branch or contact any bank representative to avail the loan facility.
If applied during working hours, clients can be notified of loan sanction decisions within minutes of application. After the loan approval, customers can visit the bank’s partner outlets to purchase the desired products using the loan facility. At that time, the partner will use the partner application to process the loan for the customers’ purchase.
In addition to the benefits for valuable customers, the Shubidha app has significantly reduced its loan processing time and opened a new gateway for the bank to reach many untapped customers through a digital platform.
In the pilot phase, the bank provided an SMS offer to select customers holding an account with the bank to take advantage of the “Shubidha” application. Invited customers can download the “Shubidha” app from Google Playstore or App Store and use the app to avail the digital personal loan to purchase desired products and services from the Bank’s partner outlets.
Many customers have already purchased products from partner outlets – Transcom Digital, Hatil Furniture and Gadget & Gear. The bank will onboard more partners from various industries to meet the lifestyle needs of customers.
Customers can avail Tk3 lakh digital personal loan, repayable for up to 24 months. Competitive interest rates and processing fees will make the loan affordable for clients.
Commenting on the pioneering digital lending app, Md Mahiul Islam, Head of Retail Banking at the bank, commented, “This product is an example of innovation in banking service that will also go with the vision of the Government of Digital Bangladesh. The unique aspect of the loan is that the application will be made, processed and disbursed digitally, providing many conveniences to customers.”
“Our plan is to integrate more partners from a wide range of industries keeping in mind the daily necessity of valued customers. We want to expand this and transform “Shubidha” into a digital lending platform accessible from any part of the country. As a customer-centric bank, Brac Bank will continue its efforts to bring new technologies to ensure a pleasant customer experience,” he added.