BRAC Bank creates opportunity for higher education

BRAC Bank has launched ‘Agami Personal Loan’ - a new customised product to help parents and guardians with their children’s higher education.

This is the first such loan product of BRAC Bank for facilitating higher studies of students in Bangladesh and overseas, according to a statement.

is part of the bank’s ‘Agami Student Banking Services’ – a complete solution to financial needs for school, college and university students to have bank accounts, FD and DPS schemes, study-abroad credit cards, student files and student loans.

Parents and legal guardians of students of all University Grants Commission (UGC)-approved universities can apply for this loan.

The loan will be disbursed in phases of 3/4/6/12 months according to the customer’s preferred schedule synchronizing with the student’s academic calendar, it reads.

The loan can be paid back in maximum 5 years. The parents/guardians with a minimum monthly income of Tk 20,000 can apply for the loan and enjoy an attractive interest rate of 8 percent per annum. The customers will get finance up to 130 percent of total education expenses with a maximum limit of Tk 20 lakh.

Md Mahiul Islam, head of retail banking, BRAC Bank, said: “Every year, around one million students graduate from higher secondary level in Bangladesh. Many families find it difficult to bear the cost of university education especially in local private and overseas universities. To help remove the financial burden of parents and guardians, we have designed Agami Personal Loan.”