FAQ of SME Deposit Products
1. What is PRAPTI Current Account?
- PRAPTI Current Account is an interest bearing current account for institutions.
2. Who can open PRAPTI Current Account?
- Any institution can open this account.
3. What are the main features of this PRAPTI Current Account?
- Interest bearing current account
- Up to 3% interest on daily balance
- Debit Card( For Sole Proprietorship Business only) with BDT-100,000 withdrawal facility (per day) from ATM & BDT- 300,000 from Branch POS
- No upfront relationship fees
- No Relationship fee will be charged if half yearly average is BDT 100,000, along with free cheque book.
4. What is the opening balance of PRAPTI Current Account?
- Minimum balance to open the account is BDT 2000.
5. Is there any annual relationship fee?
- No relationship Fee-if half yearly average balance is BDT 1,00,000 and above,
- BDT 500+VAT will be charged half yearly- if half yearly average balance is below BDT 100,000
6. Is Debit card provided with this account?
- Yes. Debit card will be provided to Sole Proprietorship Businesses only.
7. Is there any charge for debit card?
- BDT 600+ VAT for all PRAPTI Current Account holders (Sole Proprietorship Businesses only).
8. What is the transaction limit by Debit Card?
- Through ATM: BDT 100,000 Daily
- Through POS: 300,000 cash withdrawal per day
9. How much interest is paid in this account?
| Balance | Rate |
|---|---|
| 0 - Below BDT 5000 | 0% |
| BDT 5000 – Below BDT 100,000t | 1% |
| BDT 100,000 – Below BDT 250,000 | 2% |
| BDT 250,000 – Above | 3% |
10. What is the basis of interest calculation?
- Interest will be calculated on the basis of daily balance of the account, meaning PRAPTI account holders will get interest on each day’s balance.
11. When is the interest payable in this account?
- Interest will be paid half yearly to these accounts.
12. Is there any minimum balance fee for this account?
- No, there is no fee for minimum balance
13. Is there any Ledger fee in this account?
- No, there is no Ledger fee in this account.
14. How much is the Excise Duty?
- Excise Duty is applicable as per prevailing Bangladesh Bank Guideline.
15. Is there any cheque book with this account?
- Cheque book is provided with PRAPTI Current Account
16. What is the charge for the cheque book?
- First 25 pages Cheque book is free.
- After first cheque book, charges (each cheque leaf will cost BDT 8 + VAT) will apply for every cheque book; however if last one month’s average balance is BDT 100,000 or above no charges will apply.
17. What is the online charge (intercity transaction) for this account?
- Inter Divisional charge is applicable for cash deposit and withdrawal in both cases.
18. From where this intercity charge will be debited?
- The charge will be debited from account.
19. How much amount will be charged against the deposit or withdrawal?
- Please see the chart below:
| Fees | ||
|---|---|---|
| Parameters | For Deposit | For Withdrawal |
| Upto 1 Lac | Free | BDT 100 |
| Above 1 Lac to BDT 10 Lac | BDT 100 | BDT 500 |
| Above 10 Lac to 50 Lac | BDT 500 | BDT 1,000 |
| Above 50 Lac | BDT 1,000 | BDT 5,000 |
20. Are we going to issue Welcome Pack for PRAPTI Current Account?
- Yes welcome pack is issued for PRAPTI Current Account (Only for Sole Proprietorship business)
21. What will the welcome pack contain?
- Cheque Book of 25 page, Debit Card, Terms and condition paper
22. What is the statement cycle?
- The bank statements will be mailed to customer half yearly.
1. What is Prachurjo?
- Prachurjo is a Fixed Deposit product designed for SME clients.
2. Who can avail Prachurjo?
- Any type of institution/organization (preferably near BRAC Bank Branches or SME Sales and Service Centers); it includes:
- All Sole proprietorship business
- Partnership business & Limited Company
- Educational Institutions
- Local NGOs/projects
- Local Co-operative Society
- Market/Shop owner association
- Other organizations
3. What is the minimum deposit amount for Prachurjo?
- Minimum deposit amount for Prachurjo is BDT 10,000
4. What is the maximum deposit amount for Prachurjo?
- There is no upper ceiling.
5. How will the Interest payment take place?
- Interest (after adjusting the income tax on the interest amount) will be paid on maturity date.
6. How will the Interest be calculated?
- As simple Interest
7. What are the tenors for Prachurjo?
- 1, 3, 6, 12, 24 & 36 months
8. Is early encashment possible in Prachurjo?
- Yes, early encashment is possible in Prachurjo.
9. In case of early encashment what interest will be given to customer?
- If, the encashment is done before 3 months of account opening, no interest will be given. But in case of early encashment after 3 months of account opening PRAPTI Current Account’s prevailing rate will be given.
10. Is there any over draft facility for Prachurjo customer?
- Yes, Prachurjo customers can avail SOD up to 90% of the deposited amount.
1. What is Sonchoy?
- Shonchoy is a Monthly Savings Scheme for Enterprises.
2. Who can avail Shonchoy account?
- All types of non-individual legal entity/enterprises (i. e. All sole proprietorship, partnership and limited companies, educational institutions, local NGOs/projects, local co-operative society, market/shop owner association and other organizations.)
3. Can any individual avail Shonchoy?
- No.
4. What is the pre-requisite for opening Shonchoy account?
- Transactional account with SME Banking Division.
5. Can it be opened in any currency?
- No, only BDT
6. What is the minimum monthly contribution amount for Shonchoy account?
- BDT 500
7. What is the maximum monthly contribution amount for Shonchoy account?
- Multiple of BDT 500 with no upper ceiling.
8. Is there any particular date to open Shonchoy account?
- Yes, in between 1st day to 28th day of any month
9. What will be the monthly payment date for Shonchoy?
- Same date of each month of opening that particular account.
10. Can any organization open more than one Shonchoy account at any branch of the bank?
- Yes.
11. What are the available tenors for “Shonchoy”?
- 1 year, 2 years, 3 years, 4 years, 5 years, 6 years, 7 years, 8 years, 9 years, 10 years
12. How will be the interest calculated on a “Shonchoy” account?
- Interest will be accrued on monthly account balance, and will be paid at maturity
13. What is the interest rate and maturity volume for different tenor and amount for “Shonchoy”?
- Chart below contains the tenor wise interest rate and maturity value:
| Tenor (Years) | Annual Interest Rate (%) | Maturity amount (monthly payment size: BDT 500) | Maturity amount (monthly payment size: BDT 1000) | Maturity amount (monthly payment size: BDT 1500) | Maturity amount (monthly payment size: BDT 2000) |
|---|---|---|---|---|---|
| 1 | 7.50% | 6,249.43 | 12,498.86 | 18,748.29 | 24,997.72 |
| 2 | 8.00% | 13,053.02 | 26,106.04 | 39,159.06 | 52,212.08 |
| 3 | 8.50% | 20,565.97 | 41,131.94 | 61,697.91 | 82,263.88 |
| 4 | 8.75% | 28,821.28 | 57,642.56 | 86,463.84 | 115,285.12 |
| 5 | 9.00% | 37,994.92 | 75,989.84 | 113,984.76 | 151,979.68 |
| 6 | 9.25% | 48,254.78 | 96,509.56 | 144,764.34 | 193,019.12 |
| 7 | 9.50% | 59,800.63 | 119,601.26 | 179,401.89 | 239,202.52 |
| 8 | 9.50% | 72,053.59 | 144,107.18 | 216,160.77 | 288,214.36 |
| 9 | 9.75% | 86,628.52 | 173,257.04 | 259,885.56 | 346,514.08 |
| 10 | 9.75% | 101,789.15 | 203,578.30 | 305,367.45 | 407,156.60 |
14. Is early encashment possible in Shonchoy?
- Yes, early encashment is possible in Shonchoy.
15. In case of early encashment what interest will be given to customer?
- If, the encashment is done before 6 months of account opening, no interest will be given. But in case of early encashment after 6 months of account opening PRAPTI Current Account’s prevailing rate will be given.
16. If a monthly payment is missed, within how many days the missed monthly payment can be paid?
- System will search for the missed monthly payment for 30 days from the date of payment (till the next monthly payment is due).
17. What will be the penalty for late payment?
- One month (30 days) delay of monthly payment will result penal charge of 10% of the total defaulted monthly payments.
18. Can Shonchoy account holders avail any loan against the deposited amount?
- Yes, Shonchoy accountholders can avail Shohoj (Secured over draft) against the deposited amount
19. Will Shonchoy account holders get any extra facility while availing Shohoj (SOD)?
- Yes, Shonchoy accountholders can avail Shohoj up to 95% of deposited amount (minimum loan size BDT 100,000), where as regular customers can get maximum 90%. Moreover interest rate of Shohoj Loan will be 0.5% lower than the regular customer’s rate for Shonchoy account holders. However, getting loan is subject to meeting credit criteria.
20. Do the Sole Proprietorship concerns need to declare nominee for opening Shonchoy?
- If the owner wants to have the same nominee of the transactional account as the nominee of Shonchoy, s/he does not need to declare in Shonchoy account opening form. But if the nominee is different from transactional account, only then the new nominee should be declared on the specified portion of the account opening form.
21. What will happen if the bank fails to realize 4(four) monthly payments from the correspondent account within the stipulated time?
- If the bank fails to realize 4(four) monthly payments from the correspondent account within the stipulated time the account will be frozen automatically.
22. Will there be any ATM/Debit card or cheque book against Shonchoy account?
- No.
23. Can the monthly payment size or tenor be changed once the account is operative?
- No, monthly payment size and tenor cannot be changed once it is operational.
1. What is Probridhi?
- Probridhi is a Fixed Deposit product designed for SME clients.
2. Who can avail Probridhi?
- Any type of institution/organization (preferably near BRAC Bank Branches or SME Sales and Service Centers); it includes
- All Sole proprietorship business
- Partnership business & Limited Company
- Educational Institutions
- Local NGOs/projects
- Local Co-operative Society
- Market/Shop owner association
- Other organizations
3. What is the minimum deposit amount for Probridhi?
- Minimum deposit amount for Probridhi is BDT 5000,000
4. What is the maximum deposit amount for Probridhi?
- There is no upper ceiling.
5. How will the Interest payment take place?
- Interest (after adjusting the income tax on the interest amount) will be paid at maturity date.
6. How will the interest be calculated in Probridhi?
- Cumulative Interest Calculation.
7. What are the tenors for Probridhi?
- 3, 6 & 12 months
8. Is early encashment possible in Probridhi?
- Yes, early encashment is possible in Probridhi.
9. In case of early encashment what interest will be given to customer?
- If, the encashment is done before 1 month of account opening, no interest will be given. But in case of early encashment after 1 month of account opening PRAPTI Current Accounts prevailing rate will be given.
10. Is there any over draft facility for Probridhi customer?
- Yes, Probridhi customers can avail SOD up to 90% of the deposited amount.
1. What is Interest First FD (IFFD)?
- IFFD is a Fixed Deposit product designed for SME clients, where the interest amount (after adjusting the income tax on the interest amount) is given upfront and transferred to the link account immediately after opening the fixed deposit.
2. Who can avail IFFD?
- Any type of institution/organization (preferably near BRAC Bank Branches or SME Sales and Service Centers); it includes:
- All Sole proprietorship business
- Partnership business & Limited Company
- Educational Institutions
- Local NGOs/projects
- Local Co-operative Society
- Market/Shop owner association
- Other organizations
3. What is the minimum deposit amount for IFFD?
- Minimum deposit amount for IFFD is BDT 10,000.
4. What is the maximum deposit amount for IFFD?
- There is no upper ceiling.
5. How will the Interest payment take place?
- Interest (after adjusting the income tax on the interest amount) is given upfront and transferred to the link account immediately after opening the fixed deposit.
6. How will the Interest be calculated?
- As simple Interest.
7. What are the tenors for IFFD?
- 1 month / 3 months / 6 months / 12 months
8. Is early encashment possible in IFFD?
- Yes, but since interest is given upfront in IFFD, in case of premature encashment, interest given upfront will be deducted from principal and excess tax deducted on interest amount will be refunded from ‘Withholding Tax Payable Account-TD interest First’.
9. Is stand alone IFFD possible?
- Yes, IFFD can be opened stand alone, i.e. customer need not open any transactional account.
10. Can the interest amount of the first IFFD be reinvested as another IFFD?
- Yes, the interest amount of the first IFFD can again be deposited as a second FDR.
1. What is TARA SHONCHOY?
Ans: TARA SHONCHOY is a Monthly Deposit Scheme specially designed for women entrepreneurs only. It will allow one’s organization to save on a monthly basis as per requirement and get a handsome return at maturity.
2. Eligibility of TARA SHONCHOY?
Ans: Any women owned businesses. In case of partnership or private limited company, majority shareholder has to be women
3. What is the Scheme code for TARA SHONCHOY?
Ans: FSTSN
4. Can TARA SHONCHOY be opened from both branch channel and agent banking?
Ans: Yes. TARA SHONCHOY can be opened from both channels. And the scheme code will be FSTSN.
5. What is the minimum monthly contribution amount for TARA SHONCHOY?
Ans: BDT 500
6. What is the difference between SHONCHOY and TARA SHONCHOY?
Ans: SHONCHOY is offered to the SMEs and TARA SHONCHOY is specially designed for WSMEs with a higher rate of interest.
7. Difference between the interest rate of SHONCHOY and TARA SHONCHOY-
Ans: Current rate will be as follows: As per ALCO dated 29 January, 2023
(This rate would be revised as per ALCO decision)
|
Year/ Segment |
Existing Interest Rate for SME Customers |
Interest Rate for TARA SHONCHOY WSME Customers |
|
10 |
7.00% |
7.00% (But based on the ongoing campaign, interest rate will be 8.00% from March 1- March 31) |
|
9 |
6.00% |
6.50% |
|
8 |
6.00% |
6.50% |
|
7 |
6.00% |
6.25% |
|
6 |
6.00% |
6.25% |
|
5 |
5.50% |
6.00% |
|
4 |
5.00% |
6.00% |
|
3 |
5.00% |
5.50% |
|
2 |
4.00% |
5.00% |
|
1 |
3.00% |
4.00% |
8. What is the interest mechanism of TARA SHONCHOY?
Ans: Interest will be accrued on monthly account balance. And will be paid at maturity date after deducting applicable income tax on the interest amount.
9. What will happen if customer wants early encashment of TARA SHONCHOY?
Ans: <12 Months: Not Applicable. After 12 Months: at completed year rate
10. Is there any Loan facility available with this product?
Ans: Loan and overdraft facility on savings amount is available
- Secured Overdraft Amount: 95% of deposited amount however minimum loan size should be BDT 50,000
- Secured Loan Facility: 90% of the deposited amount and interest rate of Shohoj to be followed
11. What will be the maximum tenor of the loan product?
Ans: The maximum tenor of loan taken against TARA SHONCHOY will not be more than the tenor of TARA SHONCHOY itself.
12. What will be the interest rate for the loan?
Ans: Interest rate will be the security rate of TARA SHONCHOY + 3% (but it cannot cross 9%)
FAQ of SME Loan Products
1. What is ANONNO loan?
- ANONNO is a loan facility for the entrepreneurs involved in small sized trading, manufacturing, service, agriculture, non-firm rural activities, agro-based industries, etc.
2. What is the collateral/security?
- This is an unsecured loan without any collateral/security.
3. For what purpose can this loan be taken?
- This loan can be used for working capital, purchasing fixed asset (machinery, office equipments, furniture etc.), agriculture production/trading or for any other business purposes.
4. Who can apply for this loan?
- Sole Proprietorship Business,
- Partnership &
- Private Limited Company.
5. What should be the minimum age of the business to apply for this loan?
- Three years
6. Is there any age limit to apply for this loan?
- Yes, the age limit for sole proprietor is 21 to 60 years at the time of application. In case of private limited company, this age limit can be relaxed for the Directors other than Chairman and Managing Director within 18 to 70 years.
7. How can this loan be repaid?
- This loan can be repaid in two ways:
- Equal Monthly Installment Facility: Tenor: 12/18/24/30/36 months.
- Single Installment Loan Facility: Tenor: 3/6/9 months.
8. Is Overdraft (OD) facility available in this loan?
- No, overdraft (OD) facility is not available for this loan.
9. What is the minimum & maximum amount of loan?
- Minimum amount of loan - BDT 2 lac &
- Maximum amount of loan- BDT 10 lac, subject to eligibility criteria.
10. What is the interest rate?
- Competitive Interest Rate.
11. Is there any processing fee for this loan?
- Yes, one time processing fee to avail this loan as per following:
- Equal Monthly Installment Facility: 3% + VAT on loan amount
- Single Installment Loan Facility: 1% + VAT on loan amount
12. What is the early settlement fee?
- Early settlement fee of 2% + VAT on last outstanding balance is applicable.
13. What is the minimum income required for an individual to be eligible to apply for this loan?
- The minimum income eligibility to apply for this loan is BDT 15,000 per month (net income).
14. Is there any insurance policy to avail this loan?
- Yes:
- Insurance policy covering fire risks on stock, which has to be renewed every year.
- Life insurance in name of the proprietor/key partner/key director.
15. Is Guarantor required to avail this loan?
- Yes. Two guarantors are required to avail this loan. One must be blood related & the other must be business related.
16. What are the documents to be submitted to apply for this loan?
- The following documents must be submitted to apply for this loan:
Loan application duly signed by the client
Acceptance of the terms and conditions of sanction advice on duplicate copy.
As business age proof documents at least 3 years old trade license. If 3 years old trade license is not available, length of business can be proven by any other valid document, e.g. business specific license/ at least 3 years old rental deed/ possession deed/ utility bill/bank statement/TIN certificate/ certification from market society/Certificate from Local Govt. Authority)
Original rent agreement of business premises/main showroom, photocopy may be accepted in case of repeat loan
Or, original copy of possession deed of showroom, photocopy may be accepted in case of repeat loan
Photocopy of title deed in case the business premise is owned by the business owner or family member
Rent receipt (recent 3 months in case rental deed is not available in that market) i. New-to-Bank customer: Original rental deed for main business premises. For other business premises, rent receipt of last 3 months will suffice since both Business and CRM are verifying these premises. Ii. Existing relationship: Photocopy of main premise and rent receipt of last 3 months of other premise(s) shall suffice.
Business Documents:
- Trade License (up to date)
- TIN Certificate (where available)
- In case of partnership firm –
- Partnership Deed (notarized/registered)
- Partner’s Resolution for availing loan from BRAC Bank Limited
- In case of private limited company –
- Certificate of Incorporation
- Memorandum and Articles of Association
- Board Resolution for availing loan from BRAC Bank Limited
- Documents regarding the identity of Entrepreneurs/Guarantors from any of the following –
- Passport
- Voter ID Card
- Nationality Certificate issued by Ward Commissioner of Municipality City Corporation or Chairman of Union Parishad affixing the photographs of the entrepreneur and guarantor with attestation.
1. What is APURBO loan?
- APURBO is a loan facility for the entrepreneurs of small and medium sized trading, manufacturing, service, agriculture, non-farm rural activities, agro-based industries, etc.
2. Is any security required to avail this loan?
- Security against land/building is required to avail this loan.
3. For what purpose this loan can be used?
- This loan can be taken:
- To increase capital
- To purchase fixed asset (machinery, office equipments, furniture etc.)
- For agricultural production/trading or
- Any other business purposes.
4. Who can apply for this loan?
- Sole Proprietorship Business
- Partnership &
- Private Limited Company
6. Is there any age limit to apply for this loan?
- Yes. The age limit for sole proprietor is 21 to 60 years at the time of application. In case of private limited company, this age limit can be relaxed for the Directors other than Chairman and Managing Director within 18 to 70 years.
7. How can this loan be repaid?
- This loan can be repaid through:
- Equated Monthly Installment (EMI): Monthly installment with fixed amount.
8. Is there Overdraft (OD) facility in this loan?
- Yes, Overdraft (OD) facility is available for this loan
9. What is the minimum & maximum amount of loan?
- Overdraft Facility: Overdraft will be offered in combination with Equal Monthly Installment, where overdraft component as a percentage of the total limit will be determined by Credit Risk Management department of bank.
10. What is the tenor?
- Equal Monthly Installment (EMI) Loan Facility: 12/24/36/48/60 months.
- Overdraft Facility: 1 year, renewable each year.
11. What is the interest rate?
- Competitive Interest Rate.
12. Is there any processing fee for this loan?
- Yes. Processing fee to avail this loan is 1.5% + VAT
13. What is the early settlement fee?
- Early settlement fee of 2% + VAT on last outstanding balance.
14. What is the minimum income required for an individual to be eligible to apply for this loan?
- The minimum income eligibility to apply for this loan is BDT 30,000 per month (net income).
15. Is there any insurance policy offered with this loan?
- Yes. Insurance policy covering fire risks on stock, which has to be renewed every year.
- Life insurance in name of the proprietor/key partner/key director.
16. Is any guarantor required to avail this loan?
- Yes, 2 Guarantors are required to avail this loan. One must be blood related & the other must be business related.
17. What documents are required to avail this loan?
- Trade License (Up to date)
- TIN Certificate (Where available)
- Partnership Deed (notarized/registered)
- Partner’s resolution for availing loan from BRAC Bank Limited.
- Certificate of incorporation
- Memorandum and Articles of Association
- Board resolution for availing loan from BRAC Bank Limited.
- Certificate of registration of charges over the fixed and floating assets of the company duly issued by RJSC.
- Passport
- Voter ID Card
- Nationality Certificate issued by ward Commissioner of Municipality City Corporation or Chairman of Union Parishad affixing the photographs of the entrepreneur and guarantor with attestation.
- CIB Report
- Utility Bill (electricity,/telephone/gas) in case of manufacturing business.
- Warishan certificate & NOC from warishan in case the premise is owned by parents (deceased)
- Power of attorney or NOC from all land owner if the business premises is owned by family members.
- Estimated cost of project/ construction for commercial complex from competent authority.
- Search report in case of limited companies.
- Any other land documents in exceptional cases.
- Title Deed
- Certified copy of title deed in absence of Original title deeds with duly endorsed deed delivery receipt.
- Bia Deed
- CS, SA, RS, BS Khatians
- Mutation Khatian/Parcha along with DCR
- Up to date Khajna Receipt
- Non- encumbrance Certificate with search fees paid receipt.
- Mouza Map.
- Legal Opinion
- Certified copy of mortgaged deed with duly endorsed deed delivery receipt.
- No objection certificate/mortgage permission from RAJUK/MoWorks/Cantonment Board in case of leasehold property.
- Certified copy of irrevocable general power of attorney to sell the mortgaged property without the intervention of the court with duly endorsed deed delivery receipt.
1. What is PROTHOMA loan?
- PROTHOMA is a loan facility for small enterprises run by women entrepreneurs involved in trading, manufacturing, service, agriculture, non-farm rural activities, agro-based industries, and many other acceptable sectors spread all over Bangladesh
2. What is the security/collateral to avail this loan?
- No security/collateral is required to avail this loan.
3. What is the special feature of PROTHOMA loan?
- This loan is only offered to businesses run by women entrepreneurs.
4. For what purpose can this loan be taken?
- This loan can be used for working capital, purchasing fixed asset (machinery, office equipments, furniture etc.), agriculture production/trading or for any other business purposes.
5. What kinds of businesses can apply for this loan?
- Sole Proprietorship,
- Partnership &
- Private Limited Company
6. What is the minimum required age of business to avail this loan?
- The business must be in operation for minimum 2 years.
7. What is the age limit to apply for this loan?
- The age limit is 21 to 60 years at the time of application. In case of private limited company, this age limit can be relaxed for the Directors other than Chairman and Managing Director within 18 to 70 years.
8. What are the types of facilities offered in this loan?
- There are 2 (two) types of facilities:
- Equated Monthly Installment (EMI) Loan Facility
- Single Installment Loan Facility
Is Overdraft (OD) facility available for this loan?
- No, overdraft (OD) facility is not available for this loan.
9. What is the loan amount range?
- Minimum loan – BDT 2 lac & Maximum loan – BDT 10 lac.
10. What tenor is offered for this loan?
- Equal Monthly Installment (EMI) Loan Facility: 12/18/24/30/36/48 months
- Single Installment Loan Facility: 3/6/9 months.
11. What is the interest rate?
- 10% p.a.
12. What is the processing fee of this loan?
- 2% + VAT on loan amount (one time)
13. What is the early settlement fee?
- 2% + VAT on last outstanding balance.
14. What is the minimum income necessary to be eligible for this loan?
- BDT 15,000 per month (net income).
15. Is there any insurance policy offered with this loan?
- Yes.
- Insurance policy covering fire risks on stock, which has to be renewed every year.
- Life insurance in the name of the proprietor/key partner/key director.
16. What documents will be required to apply for this loan?
- Loan application duly signed by the client
- Acceptance of the terms and conditions of sanction advice on duplicate copy.
- As business age proof documents at least 2 years old trade license. If 2 years old trade license is not available, length of business can be proven by any other valid document, e.g. business specific license/ at least 2 years old rental deed/ possession deed/ utility bill/bank statement/TIN certificate/ certification from market society/Certificate from Local Govt. Authority)
- Original rent agreement of business premises/main showroom, photocopy may be accepted in case of repeat loan
- Or, original copy of possession deed of showroom, photocopy may be accepted in case of repeat loan
- Photocopy of title deed in case the business premises is owned by the business owner or family member
- Rent receipt (recent 3 months in case rental deed is not available on that market) i. New-to-Bank customer: Original rental deed for main business premises. For other business premises, rent receipt of last 6 months will suffice since both Business and CRM are verifying these premises. Ii. Existing relationship: Photocopy of main premise and rent receipt of last 3 months of other premise(s) shall suffice.
- Trade License (up to date)
- TIN Certificate (where available)
- In case of partnership firm –
- Partnership Deed (notarized/registered)
- Partner’s Resolution for availing loan from BRAC Bank Limited
- In case of private limited company –
- Certificate of Incorporation
- Memorandum and Articles of Association
- Board Resolution for availing loan from BRAC Bank Limited
- Documents regarding the identity of Entrepreneurs/Guarantors from any of the following –
- Passport
- Voter ID Card
- Nationality Certificate issued by Ward Commissioner of Municipality City Corporation or Chairman of Union Parishad affixing the photographs of the entrepreneur and guarantor with attestation
1. What is SHOMRIDDHI loan?
- SHOMRIDDHI is a group of trade and working capital finance facility for small & medium enterprises (defined as per Bangladesh Bank Prudential Regulations) involved in trading, manufacturing, service, agriculture, agro-based industries, and many other acceptable sectors spread all over Bangladesh.
2. What business purpose would be met by this loan?
- Trade & working capital finance.
3. What legal entity of business is required to apply?
- Sole Proprietorship,
- Partnership &
- Private Limited Company
4. What would be the minimum length of business?
- 3 years.
5. What is the age limit to apply for this loan?
- 21 to 60 years at the time of application. In case of private limited company, this age limit can be relaxed for the Directors other than Chairman and Managing Director within 18 to 70 years.
6. What are the types of facility offered in this loan?
- Letter of credit: To import goods of foreign origin (raw material, machinery, equipments, furniture, and/ or trading items that are legally permitted to be imported).
To locally purchase goods (raw material, machinery, equipments, furniture-fixture, trading items) that is legally permitted to be traded within the country. - Loan Against Trust Receipt (LATR): To retire letter of credit.
- Revolving Loan: Import duty payment against LC issued and local purchase.
- Inland Bill Purchase: To purchase accepted bills against Local/ foreign L/Cs issued by other banks.
- Overdraft: To meet day to day operational expenses.
- Bank Guarantee: To provide security in favor of different organizations and institutions
7. Is Over draft (OD) facility available for this loan?
- Yes, over draft (OD) facility is available for this loan.
8. What is the loan amount range?
- LC (Letter of Credit) Facility: BDT 1 Lac to 2 Crore
- Loan against Trust Receipt (LATR): BDT 1 Lac to 2 Crore
- Revolving Loan: BDT 10 Lac to 2 Crore.
- Inland Bill Purchase: BDT 50 thousand to 2 Crore
- Overdraft: BDT 1 Lac to 20 Lac
- Bank Guarantee: BDT 1 Lac to 2 Crore
9. What tenor is offered for this loan?
- Maximum 180 days.
10. What is the interest rate?
- Competitive interest rate.
11. What is the processing fee of this loan?
- 1% + VAT on funded limit. 0.25% commission on bank guarantee (Quarterly basis)
12. What minimum income is required to apply for this loan?
- BDT 15,000 per month (net income).
13. Is any insurance policy offered with this loan?
- Yes. Insurance policy covering fire risks; it has to be renewed every year.
14. What documents will be required to apply for this loan?
- Trade License (recent and at least 2 years old. If 2 years old trade license is not available, length of business can be proven by any other valid document, e.g. at least 2 years old rental deed/ rent receipt/ possession deed/ utility bill or certification from market society)
- TIN Certificate (where available)
- In case of partnership firm –
- Partnership Deed
- Partner's Resolution for availing loan from BRAC Bank Limited
- In case of private limited company –
- Certificate of Incorporation
- Memorandum and Articles of Association
- Board Resolution for availing loan from BRAC Bank Limited
- Documents regarding the identity of Entrepreneurs/Guarantors (any of the following) –
- Passport
- Voter ID Card
- Nationality Certificate issued by Ward Commissioner of Municipality City Corporation or Chairman of Union Parishad affixing the photographs of the entrepreneur and guarantor with attestation
- Any of the following –
- Rent Agreement/Deed
- Lease Agreement/Deed
- Possession Deed
- Title Deed/Ownership Deed
- Power of Attorney (in case of father’s/other’s land/shop/factory)
- Rent Receipt (recent 3 months)
- Utility Bill (electricity/telephone/gas)
- In case of registered mortgage (as applicable on case to case basis)
- Title deed
- Certified copy of title deed in absence of original title deeds with duly endorsed deed delivery receipt.
- Bia deed
- CS, SA, RS, BS khatians
- Duplicate carbon receipt (DCR) for mutation khatian
- Mutation khatian in the name of present owner based on most recent survey
- Mutation proposal sheet
- Up to date rent receipt/khajna receipt
- Up to date municipality tax receipt
- Copy of RAJUK approved letter with approval letter
- Paribarik aposh bontonnama/solenama/forayeznama with succession/warishan certificate in case of inherited property
- Registered power of attorney (POA) executed between present owner and developer
- Allotment agreement/deed of agreement (baina) executed between developer and flat purchaser
- Plan approval letter
- Joint venture agreement (JVA) executed between the developer and the landowner or declaration letter from the developer by mentioning apartment allocation in between developer and the landowner (to be signed by the Chairman/MD)
- Mutation permission letter from concerned authority
- AC land mutation in favor of the present owner
- Sales permission letter from concerned authority
- Mortgage permission letter from concerned authority
- POA acceptance by concern authority
- Legal opinion
- Title search report
- Valuation report
- Deed of mortgage (DOM)
- Irrevocable general power of attorney (IGPOA)
- Halafnama regarding inconsistencies in name of entrepreneur/guarantor (if any)
- CIB Report
- Import Registration Certificate (IRC) – for importers
- Export Registration Certificate (ERC) – for exporters For 100% margin L/C, only recent trade license and IRC are sufficient.
- Annual Sales Report
- Annual Purchase Report
- Stock/Inventory Report
- Receivables Statement with Buyer List along with Phone Number
- Payables Statement with Suppliers List along with Phone Number
- Fixed Asset Schedule
- Appointment Letter of Distributorship, if available
- Bank Account Statement, if available (for facilities over Tk. 1 crore, 3 year management/audited financials must be taken).
- Loan Account Statement, if available
- Import/export performance from existing bank (if available, in case of limit applicants)
1. What is SHOMPOD loan?
- SHOMPOD is a loan facility for the entrepreneurs involved in medium sized trading, manufacturing and service firms.
2. Is SHOMPOD secured or unsecured loan?
- It is a secured loan with land, residential or industrial building kept as mortgage.
3. What business purpose can be met by availing this loan?
- Working capital,
- Fixed asset/premise purchase (For business use),
- Business premises renovation,
- Business expansion, or
- Any other business purposes.
4. What kind of businesses can apply for this loan?
- Sole Proprietorship,
- Partnership &
- Private Limited Company
5. What should be the minimum age of business?
- 3 years.
6. What is the age limit to apply for this loan?
- The age limit is 25 years minimum and 65 years maximum (at the time of loan maturity). If the proprietor’s age is more than 65 years and family members older than 25 years are actively involved in the business, then age criterion can be relaxed, provided personal guarantee is obtained for the loan from the concern family members.
- Age limit criterion can be relaxed for private limited company.
7. What are the types of facility offered in this loan?
- Equated Monthly Installment (EMI) Loan Facility: This is a term loan which is paid as monthly installments.
- Overdraft Facility (OD): Overdraft facility will be offered in combination with term loan.
8. Is Over draft (OD) facility available for this loan?
- Yes, over draft (OD) facility is available for this loan.
9. What is the loan amount range?
- Minimum loan – BDT 10 lacs &
- Maximum loan – BDT 3.5 crore.
10. What tenor is offered for this loan?
- Equal Monthly Installment Facility: 12 to 120 months.
- Overdraft Facility: OD is for 1 year and renewable after 1 year.
11. What is the interest rate?
- Competitive Interest Rate.
12. What is the processing fee of this loan?
- 1.5% on loan amount + VAT
13. What is the early settlement fee?
- Equal Monthly Installment Facility: 2% + VAT
- Overdraft Facility: 1% of the OD limit + VAT
14. What is minimum income to apply for this loan?
- BDT 55,000 per month (net income).
15. Is there any insurance policy offered with this loan?
- Yes. Insurance policy covering fire risks on property, which has to be renewed every year.
16. What documents will be required to apply for this loan?
Private Limited Company: Standard letter of Guarantee (Joint/Several) obtained from the shareholders/Directors of the company.
- The signatories of the guarantee in total must hold 51% share of the company. Should come out as board resolution.
- All Share holders having more than 20% share must be a signatory of the guarantee.
- Any Board Member having less than 20% share and not having any management control over the company may be exempted from signing/Undertaking the guarantee, if the rest of Signatories (shareholders/Director) of the guarantee already hold 51% or more than share in the company.
Proprietorship Concerns: personal guarantee will not be required from the proprietor as he/she is personally liable for the action of the firm.
3rd Party Personal guarantee: 3rd Party personal guarantee will be required when the collateral will be owned by a third party.(i.e. When the property is owned by the immediate family members of the of the SME Owners)
Registered Charge: Registered Mortgage over the property is compulsory, In this regard; all the relevant Documents will be taken as per the Bank Lawyers/Legal Department requirement to ensure the clean registered Mortgage over the proposed property. In case of the property being owned by a Private Limited company, a charge in the property should be registered with Register of joint stock Companies (RJSC) within 21 days of mortgage execution date.
Insurance: Property should be insured prior to disbursement from the enlisted insurance company of BRAC BANK LTD with following conditions:
- Fire, earthquake, and flood risk to be covered.
- Cyclone coverage will be mandatory for cyclone prone area.
- All properties mortgaged are to be insured equivalent to the loan amount.
- Insurance premium can be debited from the customer account to be obtained in the Banking Arrangements letter.
- Policy should be assigned favoring the bank and must be renewed annually.
- Customer Details
- General Information on the Property
- Property Features
- Interior Description
- Valuation:
- Property condition
- Estimated Market Value
- Estimated Forced Sales value
- Cost breakdown in terms of value of land & the structure
- Date of site visit
- Photographs of the property inspected
- Location Map
- Banking Arrangement Letter
- General set of documents: Demand Promissory Note, Letter of continuation.
- General loan agreement
- Letter of undertaking
- Letter of Hypothecation of Present & Future Assets
- Memorandum and article of association
- Board resolution
- Partnership deed
- Trade License
- Completed application form
- 1 recent color passport photo of the SME owners
- National ID card
- Lawyer Report
- Appraiser Report
- Verification Report
- Insurance Documents
- Property insurance.
- TIN certificate in the name of business (for sole proprietorship business TIN in the name of the proprietor will serve the same).
- Property Documents:
- Original title deeds of the property or certified copy of the original title deeds with duly discharged registration receipt (if original deeds have not been received from the registration office)/Lease Deed.
- Bia deeds
- Lease Deed
- Latest CS, SA, RS Parchas, i.e. record of rights.
- Mutation Parcha:
- Leasehold-: Mutation letter from Rajuk/CDA/National Housing Authority/Ministry of Works/concerned authority.
- Leasehold & Freehold-: Mutation from AC land Office with proposal sheet.
- DCR
- Title Search
- NEC
- Up-to-date Land Revenue receipt
- Up-to-date Municipal Tax receipt
- Legal opinion
- Mortgage permission: Only for Leasehold Property.
- Deed of Mortgage & Deed of IGPA.
- Approved plan /Layout Plan and Approval Letter by Rajuk/CDA/Concerned Authority.
1. What is SHOKTI loan?
- It is a loan facility for small and medium enterprises involved in trading, manufacturing, service, agriculture and agro-based businesses.
2. Is there any security in this loan?
- Yes, bank will keep cash collateral as a partial security.
3. For what purpose can this loan be taken?
- This loan can be used:
- To increase working capital,
- To purchase fixed asset (machinery, office equipments, furniture etc.),
- For agriculture production/trading or
- Any other business purposes.
4. Who can apply for this loan?
- Sole Proprietorship business
- Partnership &
- Private Limited Company
5. What should be the minimum age of the business to apply for this loan?
- Three years.
6. Is there any age limit to apply for this loan?
- Yes. The age limit for sole proprietor is 21 to 60 years at the time of application. In case of private limited company, this age limit can be relaxed for the Directors other than Chairman and Managing Director within 18 to 70 years.
7. How is this loan repaid?
- This loan is repaid through:
- Equated Monthly Installment (EMI) Loan Facility: Monthly installment with fixed amount.
8. Is there overdraft facility in this loan?
- Yes. Overdraft facility is available.
9. What is the minimum & maximum amount of this loan?
- Equal Monthly Installment (EMI) Loan Facility/ Single Installment Loan Facility: Minimum loan – BDT 10 lac, Maximum loan – BDT 1 crore.
- Overdraft Facility: Overdraft will be offered in combination with Equal Monthly Installment, where overdraft component will be 95% of FDR value.
10. What is the tenor of this loan?
- Equal Monthly Installment (EMI) Loan Facility: 12/24/36/48/60 months.
- Overdraft Facility: 1 year, renewable each year.
11. What is the interest rate?
- Competitive Interest Rate.
12. Is there any processing fee for this loan?
- Yes
- Equal Monthly Installment (EMI) Loan Facility: 1.5% + VAT on loan amount (one time)
- Overdraft Facility: 1.5% + VAT on overdraft limit during limit loading and 1% + VAT on subsequent years upon renewal.
13. What is the early settlement fee?
- Early settlement fee is 2% + VAT on last outstanding balance.
14. What is the minimum income required for an individual to be eligible to apply for this loan?
- The minimum income eligibility to apply for this loan is BDT 50,000 per month (net income).
15. Is there any insurance policy offered in this loan?
- Yes, insurance policy covering fire risks on stock; it has to be renewed every year.
16. Is any guarantor required? If yes, then how many guarantors are required for applying for this loan?
- Yes, 2 (two) Guarantors are required to avail this loan. One must be blood related & the other must be business related.
17. What documents should I submit to apply for this loan?
- Trade License (Up to date)
- TIN Certificate (Where available)
- In case of partnership firm-
- Partnership Deed (notarized/registered)
- Partner’s resolution for availing loan from BRAC Bank Limited.
- In case of private limited company-
- Certificate of incorporation
- Memorandum and Articles of Association
- Board resolution for availing loan from BRAC Bank Limited.
- Certificate of registration of charges over the fixed and floating assets of the company duly issued by RJSC.
- Passport
- Voter ID Card
- Nationality Certificate issued by ward Commissioner of Municipality City Corporation or Chairman of Union Parishad affixing the photographs of the entrepreneur and guarantor with attestation.
- CIB Report
- Utility Bill (electricity,/telephone/gas) in case of manufacturing business.
- Warishan certificate & NOC from warishan in case the premise is owned by parents (deceased)
- Power of attorney or NOC from all land owner if the business premises is owned by family members.
- Estimated cost of project/ construction for commercial complex from competent authority.
- Search report in case of limited companies.
- Any other land documents in exceptional cases.
Sun, Jun 4, 2023 10:30 AM
| Currency | Buying | Selling |
|---|---|---|
| USD | 107.00 | 108.60 |
| EUR | 114.5435 | 118.3497 |
| GBP | 133.1936 | 137.2396 |