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, said a press release.
Parents and legal guardians of students of all University Grants Commission (UGC)-approved universities can apply for this loan.
This loan can also be availed to finance higher education in overseas universities, in which case, the bank will arrange fund transfer to foreign educational institutions.
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.
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.