The New Nation - Internet Edition

BUSINESS REPORTER

Eastern Bank Ltd yesterday announced the launching of travel financing solution, titled 'EBL TraveLoan.'

Ali Reza Iftekhar, Mangaing Director and CEO formally announced the launching of 'EBL TraveLoan' at a press conference at Sonargaon Hotel in the city.

Mamoon Mahmood Shah, Head of Consumer Banking of EBL and Nazeem A Chowdhury, Head of Marketing of EBL also spoke at the press conference.

The loan will be available in both secured and unsecured versions. In terms of secured travel loan, loan amount will be 90 per cent of the security deposit (EBL FD). There will be an easy instalment repayment system ranging from 12 months to 60 months. A client can receive loan amount starting from minimum Tk 50,000 to maximum Tk 5,00,000 as travel loan. EBL will charge a processing fee either one per cent of the loan amount, or Tk 2,000. It will allow advance and partial payment. Loan will be disbursed directly to customer account, and for receiving loan no personal guarantee will be required.

There will be a 50 per cent waiver on processing fee for EBL dual currency credit card holders. It will also provide waiver of 50 per cent on dual currency card issuance fee for travel loan borrowers. In terms of unsecured travel loan, EBL will consider Tk 50,000-Tk 5,00,000 or 10 times of gross monthly income which ever is lower. Loan above Tk. 2,00,000-air ticket fee (including co-traveler) to the travel agency will be made by EBL by Pay Order from EBL; 80 per cent of the remaining loan amount through TC/cash foreign currency endorsement from EBL and balance will be send to customer account with EBL in Cash.

EBL will charge 18 per cent interest on the travel loans. A client, if he is a serviceholder and drawing a monthly salary of Tk 15,000 or if a client is a businessman and earning Tk 20,000 per month, both will be eligible for the loan. Additional supporting documents like valid passport photocopy, valid visa of travelling country (for unsecured loan) and travel quotation from travel agency (for unsecured loan) will be a prerequisite for receiving the loan.