First News
Volume:7, Number:40
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Bangladesh Bank Raises Credit Card, Personal Loan Limits

| Navid Ahmed |

Bangladesh Bank (BB) has re-fixed the ceilings of credit cards and personal loans under consumer financing to match the rise in people’s purchasing power. “The maximum unsecured credit card limit for a borrower (supplementary cards shall be considered part of the principal borrower) shall not exceed BDT1 million,” said Bangladesh Bank on April 3. Earlier, the limit was BDT500,000. The banks may allow financing under the credit card scheme in excess of the limit of BDT1 million, provided the excess amount is secured against liquid securities. However, in no case will the limit be allowed to exceed BDT2.5 million. In the case of foreign currency cards, those can be issued if repayment is made against 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, limits per person for personal loans will be BDT500,000 instead of BDT300,000 without any securities. Bangladesh Bank said the consumer product market in Bangladesh has been growing rapidly over the last few years and the rising per capita income has enabled growth in consumer spending

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