Private commercial banks in Bangladesh are offering personal loans to meet the financial needs of customers. Among them, City Bank, a leading private sector bank, is providing personal loans of up to Tk 40 lakh. The bank has introduced special benefits for salaried individuals under its latest offering.

Loan Terms and Eligibility

Under City Bank's personal loan scheme, a customer with a monthly salary of Tk 50,000 is eligible for a loan of up to Tk 6 lakh. The bank stated that the loan amount is determined based on the customer's salary and repayment capacity. The maximum loan limit has been set at Tk 40 lakh.

Application Process

Interested customers can apply for the loan by visiting any City Bank branch or through the bank's online platform. Applicants must submit proof of income, national identity card, and other required documents during the application process. The bank will verify the applicant's income and account transaction history before granting final approval.

Growing Competition in Lending

Competition among banks to attract customers in the personal loan segment is intensifying. Earlier, Dutch-Bangla Bank announced it would take over personal and home loans of customers from other banks at an interest rate of 8.99 percent. Analysts believe City Bank's new offering will further intensify competition in the lending market.