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On behalf of the implementation of single digit (single digit) loans in the banking sector, the ‘Shubhankar deception’ continues. Even if you say a number, it is completely different in case of work. In addition to the interest charged by the bank, the customer must have at least 44 types of “fee schedule”. Of these, only 29 types of import and export charges or commissions are deducted.
Additionally, ordinary clients are paying 12-15 types of fees for borrowing nationwide. There are many more hidden fees that the customer may never know. Also, the credit card service charge has taken a terrible shape. Still, in reality, the interest rate on bank loans is still 10 to 16 percent, victims think.
According to them, banks have doubled service charges despite lowering interest rates. In this, especially in the field, the interest rate will be 17-18 percent. Mohammad Hatem, Senior Vice President of the Exporters Association of Bangladesh (EAB), told Jugantar that Shubhankar was misleading interest rates. Currently, the interest on the loan is 9 percent on paper.
But it’s actually 12 to 16 percent (incentive loan is out of this calculation). Because now the banks have doubled the service charge. He said with an example, if the commission in Par LC was 20 paisa before, now it is 40 paisa. And if it cut 40 paise before, now it cuts 60 paise. This is increasing our costs. As such, in some cases the interest on the loan is higher than before.
Mohammad Hatem further said, I have taken a loan of two and a half lakh rupees with a credit card. The service charge has been discounted 16 lakhs. He said, now the rest understand the real interest rate?
The Bangladesh Bank is known to have issued a notice on February 24 to implement a 9 percent interest rate on all types of loans, except credit cards, effective April 1 this year. To this end, the Bangladesh Bank is also providing various political supports. Even then, the interest rate on loans does not drop to the single digits.
15 types of commissions or charges are levied on foreign trade transactions (import). This includes the LC Opening Commission. Here again, many types of FDR (fixed deposits) to open an LC site to pay zero point 40 percent commission.
The client has to pay the same commission for consecutive loans, the Export Development Fund (EDF) and various grant funds. However, the commission for deferred LC (arrears) is more (zero point 50 percent).
In case of increase in time and amount of LC, the customer must pay an additional commission. If you are a foreign LC you have to pay Rs 650 each time and if you are a local LC you have to pay Rs 300. The ad confirmation charge is zero point 20 percent.
Also included in Swift Charge of LC transactions is a prior advisory fee of at least Rs 1,000 for foreign LCs and Rs 500 for local LCs. The client must pay a separate commission for the management of these loans.
The minimum amount is one thousand rupees for local LCs, at least two thousand rupees for SAARC countries, and at least three thousand rupees for countries outside of SAARC countries. LC’s counseling fee is Rs 750. The acceptance commission is taken from zero point 10 to zero point 40 percent. The discrepancy fee for local LCs is US $ 25 and for foreign LCs is US $ 60. The payment charge for a local LC is Rs 300 per invoice and for a foreign LC it is Rs 20.
One thousand rupees per document for unloading of goods shipped in the absence of original documents. 500 for the Certificate of No Objection (NOC). Stationery costs Rs 300, IRC renewal service charges Rs 500. The same picture exists in the export trade. Here 14 types of charges or commissions are discounted.
Among them stands out the LC Advisory Commission in Tk 650 for the export trade. 750 for LC transfer. The bank’s guarantee and confirmation fee for the export is zero point 15 percent. For the export of goods, a commission of zero point fifteen percent must be paid as a negotiation between the two parties.
For the collection of export invoices on the basis of an export agreement, another 15 percent point must be calculated. Exporters have to pay Rs 2,500 per document in Central Asian countries and Rs 3,000 per document for non-Asian countries to send documents by courier. However, if it is sent by registered airmail, the cost is at least Rs 500 per document. The house purchase commission per invoice is one thousand rupees. The stationery cost for the EXP form is Rs 100.
The processing fee for C&F, FCR, Money Exchange and Buying House is Rs 5,000 for the first time and Rs 3,000 for renewal. The exporter has to pay two US dollars per year for the maintenance of the FC account and 500 rupees for the PRC issue each time. Outside of this, the highest interest is charged on credit card loans.
In this case, banks charge a minimum of 14 to a maximum of 28 percent interest. These interest rates are being increased further by various types of fees and charges. If you want to get a loan, you have to pay a bank processing fee. In Bangkok, the rate is 1 to 2 percent. If you want to get a loan, you must have a mortgage. Mortgage rates are not less than 2 percent. It costs Tk 2,000 to prepare a mortgage from Tk 1 lakh to Tk 20 lakh. The preparation of the mortgage from Tk 20 lakh to Tk 1 crore costs Tk 5,000. To mortgage more than this, you have to pay a fee of Rs 5,000 and 2 per lakh.
Apart from this, there is a fixed price for various government stamps. To take out a loan, the client must obtain CIB authorization from the Bangladesh Bank. The prescribed fee is Rs 200. For the loan, you have to present certain documents to the bank. For this, the bank has to pay a fee of 1 to 1,500 rupees. Some bank agents also charge a commission of 2 to 3 percent. Frog
A commission of 1 to 2 percent must be paid to guarantee the tax deposit. The higher the loan amount, the higher the commission amount. The remaining part will be paid with interest at a rate of 2 percent.
If the bank approves a loan of Tk 50 crore to a client and the client wants to take the remainder later with Tk 20 crore, the bank charges interest at a rate of 1 to 2 percent on Tk 30 crore. If a customer wants to repay his loan before the due date, he has to pay a fee (early settlement fee) at a rate of 2% on the total loan.
There are also specific fees for unfunded loans. If you want to obtain a loan outside of this, you must open an account with the corresponding bank. It goes at the double-digit interest rate on the loan with all charges on the bank account. There are also documentation fees, legal fees, debt restructuring fees, installment payment change fee, own guardian change fee, quote change fee.
Among these are the account management fee of Rs 600 (Rs 300 for half a month) and the ATM debit card fee of Rs 500 to Rs 600. If one wants to know the amount of the deposit in the account or you have to send a bank related document somewhere, then you have to pay a fee of Rs 200-500 per statement. At present, all banks have launched online banking services. If you transact online, you will get Rs 50-5 lakhs, the debit card initial charge is Rs 480, and the annual charge is Rs 500.
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