Meghna Bank brings collateral-free loan for SME

Meghna Bank has launched the "Meghna Unnoyon", a collateral-free loan for cottage, micro and small entrepreneurs.

Sohail RK Hussain, managing director of the bank, inaugurated the new loan product at the bank's head office in Dhaka yesterday, a press release said.

Under the new scheme, cottage, micro and small entrepreneurs can get financing for their working capital, business expansion, purchase, acquisition of fixed assets or for any reasonable business need.

Borrowers can avail loan facility up to Tk 20 lakh with the maximum of a 4-year term from any branch of the bank on easy terms.

This loan will have a refinancing facility with an interest rate of 7 per cent and borrowers can repay the loan in monthly instalments.

"We are determined to grow in the CMSME sector. This product will help us to reach SME entrepreneurs effectively and contribute towards the sustainable development of the country," Hussain said. 

Senior officials of the bank were present at the event.