Grameen Bank Basic Loan
Grameen Bank is a specialized social development bank founded by Dr. Muhammad Yunus in 1976. The aim of Grameen Bank creating employment for the rural population. The bank jointly won the Nobel Peace Prize in 2006 with Dr. Muhammad Yunus for its role in social peace and poverty alleviation.
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| Grameen Bank Loan System |
Grameen Bank Loan facilities
Grameen Bank offers various types of loans. These include Basic loans, entrepreneur loans, agriculture loans, livestock loans, education loans and housing loans.
Basic loan
The most popular type of loan in Grameen Bank is the micro loan which is given in a very easy and quick process. Any citizen of Bangladesh, from farmers to women can take this basic loan.
Basic loan system
To get a loan from Grameen Bank first of all you have to appear in any branch of Grameen Bank. Presently there are branches of Grameen Bank in every union of Bangladesh. To get loan from Grameen Bank you have to collect a specific form from the branch of Grameen Bank and fill it with necessary documents to Grameen Bank. Bank branch should be submitted.
A new customer can take a maximum loan of 50,000 taka in the first year. In the second year, you can take a maximum loan of 55,000 taka. In this continuity, Grameen Bank will give you any amount of loan based on the loan repayment history of a customer.
Payment system of Grameen Bank loan installments
You can repay this loan in weekly installments. You can repay the loan amount in 52 equal installments. An officer of Grameen Bank will come and collect the installment amount at the scheduled time. Suppose you take a loan of 10,000 taka, then you have to pay 230 to 250 taka every week at 20% interest rate which is very low and very easy to repay.
Read more - IFIC Bank Home Loan
Required documents for Grameen Bank loan
- Photocopy of applicant's national identity card and two passport size photographs.
- The applicant must have his own house.
- Two copies of national identity card and passport size photograph of the nominee.
- Attested character certificate of the applicant.
Another thing you have to do to get a Grameen Bank loan is that you have to join the bank's five member committee and then you have to apply for the loan. In this case other members from the group you are a member of will act as a reference for your loan.