BRAC Bank will provide a loan to teachers listed by MPO for the purchase of a laptop

With the help of the Directorate of Secondary and Higher Education (DSHE), BRAC Bank facilitated the purchase of laptops for MPO-listed teachers through its digital personal loan.

BRAC Bank recently signed a Memorandum of Understanding (MoU) with DSHE at the latter’s office in Dhaka.

According to BRAC Bank, teachers can apply for the loan digitally through the Shadhin platform developed by Shadhin Fintech Solutions Limited.

Their applications will be assessed and the bank will disburse the loans digitally with this end-to-end solution.

Teachers can benefit from up to 80,000 BDT with a 6/9/12/15 month disbursement facility. They will not have to pay a deposit. Walton Digi-tech will supply the laptops at a special discounted price.

A BRAC bank official said the loan will be unsecured and a single-digit interest rate will apply to repayment of the loan.

With this funding facility, teachers could now create digital content for their students. The initiative is an example of financial inclusion and innovation in banking services that will also contribute to the government’s vision of Digital Bangladesh.

Read: IFC and BRAC Bank launch first-ever housing bond in Bangladesh

In the first phase, teachers from educational institutions listed by DFO in Savar and Gazipur regions can avail the loan facility.

Professor Nehal Ahmed, Director General, DSHE; and Selim RF Hussain, Managing Director and CEO of BRAC Bank, signed the agreement in favor of their respective organizations.

All DSHE administrators; Liaquat Ali, Deputy Managing Director, Walton Digi-Tech Industries Limited; Mohammed Shadman, Chairman, Shadhin Fintech Solutions Limited; Md. Mahiul Islam, Head of Retail Banking; Md. Monirul Islam Rony, Retail Lending Manager; SM Ishtiaque, head of digital loan underwriting; Muntasir Rahman, Application Development and Business Systems Manager, BRAC Bank, was also present.

The unique aspect of this loan is that it will be processed and disbursed digitally, which is convenient for teachers.

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