Banks allows 70pc loan for device

Bangladesh Bank on Monday allowed all scheduled banks to issue as loan upto 70 per cent of the product value if the customers purchase digital devices, including mobile, laptop, computer and tab, among others.

Of the total value of such digital devices, the customers will 30 per cent and the remaining 70 per cent would be provided by the banks as loans under consumer financing.

To this end, the BB issued a circular on the day where it said, ‘The use of digital devices by teachers, students and in the educational institutions has increased as almost all the educational institutions were conducting online classes following the coronavirus outbreak.’

Encouraging the banks to finance for the development of the information and communication technology, the BB said that such financing would help attain the government’s Digital Bangladesh vision by ensuring access to digital technologies and ICT-skilled human resources.

The BB, however, asked the banks to comply with other rules and regulations relating to its Prudential Regulations for Consumer Financing, 2004 to provide such loans to the customers.

As per BB’s previous rules, the banks were allowed to issue as loan upto 30 per cent of such products’ value while the consumer was supposed to pay at least 70 per cent to secure a bank loan for such purposes


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