Unsecured Bank Loan – For Foreigners

Bank loan without collateral is good news for those traveling abroad. Currently, remittances are playing a very important role in the economic development of Bangladesh. Bangladesh Bank’s foreign exchange reserves are increasing for remittance fighters. In order to continue this trend, several banks have taken initiatives and 5 banks of the country have launched a loan scheme without collateral to get the attention of the Bangladesh government. Unsecured Bank Loan – For Foreigners






This is a great opportunity for those who cannot travel abroad due to lack of money. Banks will cooperate with low interest loans. But the condition is that you have to go abroad with legal employment and you can repay the loan by working abroad. Until now all the banks that have launched bank loan projects without collateral, now I will discuss them.






Banks providing bank loans without collateral:

1. Sonali Bank
2. Pravasi Bank
3. Leading Bank
4. Pubali Bank
5. NRB Global Bank






These 5 banks are giving loans at 9 to 10% interest. Only for workers who are interested in going abroad with legal employment. You can take a loan ranging from Tk 2.5 lakh to Tk 3 lakh and the loan repayment period is from 1 to three years. But you can apply for the loan only after the visa is secured. Applicant must submit 2 photo copies of visa to the bank. After scrutinizing your documents well, the bank authorities will inform you of their decision through a phone call or SMS within three days.






Bank loan without collateral
Bank loan without collateral
Sonali Bank – Unsecured Loan:






Sonali Bank has launched this loan scheme for the convenience of foreigners under the name of Prasabi Sangambangan Loan Scheme. According to the rules, you can take a loan of more than 3 lakh rupees through this scheme of Sonali Bank. The loan is to be repaid in 24/36 installments over two or three years. You don’t have to pay installments for the first three months. 12% interest to pay you for this project loan of Sonali Bank.






Pravasi Kalyan Bank – Unsecured Loan:

The collateral-free loan scheme provided by Pravasi Kalyan Bank to foreigners is named Immigration Loan Scheme. You will have to pay interest at the rate of 9% if you get a loan under the Immigration Loan Scheme. The repayment period will vary from country to country.





For example, if you want to move to Singapore, your loan repayment period will be 1 (one) year per month. Which is to be paid as monthly installments every month. Moreover, if you want to go to any other country, it is payable in 22 installments. The special advantage of this loan is that you don’t have to pay any installments for the first two months after getting the loan.






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Agrani Bank – Unsecured Loan:

Agrani Bank’s loan facility for foreigners is called Pravasi Debt Scheme. Under this project, Agrani Bank is giving from 50 thousand to more than 3 lakh rupees. But your age limit should be between 18-45 years and must be permanent resident of Bangladesh. This loan scheme has to be repaid within 15-18 months.






NRB Global Bank – Unsecured Loan:

The project is called NRB Migration Loan by NRB Global Bank. You can take a loan of up to 3 lakh rupees under this scheme. This loan is to be repaid in 1/2/3 years at 14% interest. You don’t have to pay any installments for the first 3 months. Age limit for loan availability is 18-55 years and must be a citizen of Bangladesh.






Pubali Bank – Unsecured Loan:

The name of this scheme by Pubali Bank is Non Resident Credit Scheme. Pubali Bank will give a loan of 2.5 lakh rupees from 50 thousand. The loan will be disbursed in 24 installments at 13% interest for a maximum period of 2 years. No collateral required and no installment for first 2 months.






Eligibility for getting a loan:

A family guarantor and a financially sound person should promise to repay the loan. Once your visa is verified, apply for the loan directly to the bank manager. Open or have an active savings account with that bank. You must send all money / remittances through this account. Also you need to provide a clear undertaking.





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Documents required for application: The applicant has to apply by filling and signing the form provided by the bank. The other documents to be submitted with the said application are:






Applicant’s Named Citizen Certificate issued by City Corporation/ Municipality/ Union Parishad. One photocopy of National Identity Card. Three copies of passport size color photograph (attested). One photocopy of passport (attested).






One photocopy of visa (attested).

1 photocopy of approval letter, travel letter and attestation letter from Ministry of Labor and Manpower and Ministry of Expatriate Welfare and Foreign Employment, Government of Bangladesh. How to apply for a loan:
Contact the loan section of the bank with the above mentioned documents. All subsequent activities will be completed by the bank authorities.

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