Staff Reporter :
The Central Bank in a bid to match with the rise of people’s purchasing power, has re-fixed the limit of credit cards and personal loans under consumer financing, a BB circular issued on Monday said.
“The maximum unsecured limit under credit card to a borrower shall not exceed Taka 10 lakh,” the circular said.
Earlier, the limit was Taka five lakh.
The banks may allow financing under the credit card scheme in excess of the limit of Taka 10 lakh provided the excess amount is secured against liquid securities, the circular added.
However, under no case the limit will exceed Taka 25 lakh. According to the circular, in case of foreign currency, cards can be issued if repayment is made from respective foreign currency account or against lien of foreign currency quota allocated to Bangladeshi nationals by Bangladesh Bank from time to time.
On the other hand, limit as personal loan will be Taka five lakh instead of Taka three lakh without securities.
“Limit per person for such loan will be Taka five lakh without any security. However, banks may lend higher amounts provided the loans are secured appropriately. The loan secured against liquid securities shall, however, be exempted from this limit,” according to the BB circular.
The Central Bank in a bid to match with the rise of people’s purchasing power, has re-fixed the limit of credit cards and personal loans under consumer financing, a BB circular issued on Monday said.
“The maximum unsecured limit under credit card to a borrower shall not exceed Taka 10 lakh,” the circular said.
Earlier, the limit was Taka five lakh.
The banks may allow financing under the credit card scheme in excess of the limit of Taka 10 lakh provided the excess amount is secured against liquid securities, the circular added.
However, under no case the limit will exceed Taka 25 lakh. According to the circular, in case of foreign currency, cards can be issued if repayment is made from respective foreign currency account or against lien of foreign currency quota allocated to Bangladeshi nationals by Bangladesh Bank from time to time.
On the other hand, limit as personal loan will be Taka five lakh instead of Taka three lakh without securities.
“Limit per person for such loan will be Taka five lakh without any security. However, banks may lend higher amounts provided the loans are secured appropriately. The loan secured against liquid securities shall, however, be exempted from this limit,” according to the BB circular.
