Loan for Foreign Employment
Remittance is the major contributor to the Economy of Bangladesh. In our country there are huge surplus manpower maximum of which are semi-skilled and less-skilled. Local employment cannot absorb them. This huge volume of workforce has good opportunity to engage in Foreign Employment. But major obstacle here is that many of them are incapable to meet the initial expenses for this purposes. For contributing to the economy of the country, Uttara Bank Limited will finance in this sector which may help to reduce the unemployment problem of the country.
Purpose: To meet the Financial Expenses for going abroad for employment purpose of son/daughter or any other dependant.
- Age: Minimum age 20 years ( At the time of application), Maximum age at loan maturity up to 45 years (At the end of Loan Tenor)
- Minimum Yearly income (Net BDT): Three times of the proposed limit ( to be calculated on the basis of the contract with the foreign company)
- Borrower must reside for at least 6 month in the same address.
Loan Size: Minimum BDT 25000.00 (Taka Twenty Five Thousand) only. Maximum BDT 2.00 Lac (Taka Two Lac)
Loan to Value Ratio: 70% of the cost of the quoted expenditure to be paid by the borrower.
- Two Personal Guarantees with net worth declaration.
- Personal Guarantee of spouse/parents
- Post dated cheques for all instalments.
- One undated cheque covering total amount of all instalments
Tenor: Minimum 1 year,Maximum 5 Years
Repayment method : Equal Monthly Instalment
Disbursement Mode: By Crediting directly to the SB account of the Borrower
First repayment date:1st repayment will be started at the end of one month from the date of disbursement.
- Recent Passport size photographs of applicant(s) and guarantor (s).
- Photocopy of NID/Passport of applicant (s) and guarantor (s)
- Latest Utility Bill (Gas/Water/Electricity)
- Business Card/Office ID of applicant (s) and guarantor (s), if any.
- Latest Tax Certificate / E-TIN
- Personal Net Worth statements of applicant (s) and guarantor (s).
- Copy of all academic & experience certificates
- Copy of Air Tickets with the confirmed date of journey as endorsed by the BMET
- Details of expenditure
- Copy of Visa and Labour Contract provided from the concerned office of consulate /high commission / embassy.
Interest Rate: 12.00% per annum with quarterly rest. The rate of interest will remain fixed throught the tenure of the Loan.
Availability Period : Maximum 6 months from the date of sanction advice.
Prepayment :Loan to be prepaid on payment of 2% breakage cost on prepayment amount
*condition will apply