Dhaka, Bangladesh (BBN) - Bangladesh Commerce Bank Limited (BCBL) will provide term loan to the Dhaka University (DU) teachers to meet the expenses for their higher studies abroad.
Only permanent teachers of Business Studies and Science faculties of the university are eligible for the loan in the first phase (one year). The facility would be made available to all DU teachers upon completion of the phase smoothly.
The first retail banking product, 'Higher Study Loan for the University Teachers', was launched at a ceremony at DU Business Studies Faculty, where a Memorandum of Understanding (MoU) was signed between the bank and the university authorities in this connection recently.
Under the MoU, a teacher would get loan ranging from 0.6 million to 1.5 million for 5-7 years at 11-13 percent interest rates. One per cent of the sanctioned amount will also be retained by the bank as 'non-refundable' risk premium fees.
The entire loan will have to be paid in 60 equal monthly installments starting from the next month of the disbursement of loan. The loan will be secured by personal guarantee and lien of individual teacher's salary, provident fund and gratuity.
DU Vice Chancellor AAMS Arefin Siddique was the chief guest at the ceremony, which was addressed, among others, by its Pro-VC Harun-Or-Rashid, Treasurer Mizanur Rahman, BCBL’s Managing Director SA Chowdhury, Deputy Managing Director Muhammad Asaduzzaman and DU Teachers' Association President Anwar Hossain. Business Studies Faculty Dean Jamal Uddin Ahmed presided over the function.
BBN/SSR/AD-21Jan12-10:55 am (BST)