1. I am seeing a Pay Later icon under the payment amount screen in the Make Payment icon, what is it? /What is Pay Later in bKash App? /What is the benefit of Pay Later in bKash App? Description?

Pay Later service in bKash App enables bKash customers to avail a loan facility from Financial Institutions (e.g. City Bank) during the “Make Payment” journey and immediately make a payment to bKash merchants. Customers do not require any physical documents and receive a loan instantly. A bKash customer can avail Pay Later in bKash App from BDT 500 to 30,000. The installment amounts of Pay Later service will be automatically deducted from the bKash account on the due dates. The interest rate, processing fee, loan limit, repayment term, loan eligibility and credit policy are determined by the Financial Institution (e.g. the City Bank) in accordance with the rules and regulations of Bangladesh Bank. bKash Limited acts as the payment partner for the Financial Institution.

2. What is automatic deduction of instalment?

Automatic deduction of instalment means that you have authorized bKash to automatically deduct the loan instalment amount from your bKash account on a specific date each month.

3. What is the Processing Fee? How much is it?

The Processing Fee is the fee charged for Loan account services.

Loan Processing fee is 0.575% on the loan amount (0.5% + VAT).

4. What is Loan Dashboard?

When you tap Loan icon in the bKash App, you can see Loan Dashboard, (if you are eligible for loan and have taken a loan/Pay Later in bKash App). This screen shows a summary of your current loan(s)/Pay Later in bKash App and the list of all previous loans/Pay Later in bKash App.

5. Why is my loan/Pay Later in bKash App icon disabled? (Disabled User sees the Icon greyed out.)

Please update your bKash App to enter Loan menu or avail Pay Later in bKash App from Make Payment icon.

6. After I tap on “Loan” icon or the “Pay Later” icon, it shows

“Thank you for your interest.

To get loan,

• Maintain balance in your bKash Account.
• Make more transactions using Payment and Add Money”.

Why is that?

Based on credit policy of the Financial Institution (e.g. City Bank), your bKash account is not yet ready for Loan/Pay Later in bKash App service. To qualify for taking a loan/Pay Later in bKash App services, please tap on Information Update from bKash Menu and update your information with your NID and keep using bKash services like Savings, Pay Bill, Make Payment, and Mobile Recharge more frequently and keep balance regularly.

7. After I tap on “Loan” icon or the “Pay Later” icon, it shows

“Information Update Required

Please update your information to avail Loan/Pay Later service. Update your information using eKYC by following few steps”.

Why is that?

The loan service has been made available to a limited group of bKash customers.  To avail Loan/Pay Later in bKash App service, please tap on Information Update from bKash Menu and update your information with your NID.

8. What are the criteria to be fulfilled for being eligible for a loan/Pay Later in bKash App?

Loan/Pay Later in bKash App service has been made available to a limited group of customers. To increase the chances of availing a loan/Pay Later in bKash App, please maintain a good account status by keeping balance and doing regular   transactions like Make Payment, Mobile Recharge, Pay Bill, Savings with your bKash account and if your bKash account information is not updated, please tap on Information Update from bKash Menu and update your information with your NID.

9. When I tap the Loan icon, it shows that I will get a Loan of BDT 30,000. But afterwards, it shows that the Loan limit is 9,000 Taka. Why is the amount different?

From the first screen of Loan service, you get to know the maximum amount of loan a customer can take from the Financial Institution (e.g. the City Bank). The next screen shows you how much loan you may qualify for based on your bKash account status and usage pattern - which may be less than the initial amount.

10. What will be my interest rate for loan repaid on time?

The interest rate of the City Bank loan is 9% p.a. accrued on a daily basis.

Note: The interest rate of the Financial Institution will vary depending on the Financial Institution.

11. Whom should I contact to know about the details of interest rate?

You will get all the details of Loan/Pay Later in bKash App from your bKash App before availing a loan. You will get to know the Financial Institution name, interest rate, interest amount, repayment tenure and repayment instalment etc. If you have already availed a loan/Pay Later in bKash App, you will be able to see the interest rate for your current Loan/Pay Later in bKash App from Loan Dashboard.

12. If I do not pay instalment on time, what will be the interest rate/penalty?

The Financial Institution (e.g. the City Bank), will impose late penalty interest at 2% p.a. on overdue amount if you fail to repay your instalment within the due date.

To avoid late penalty interest, please make sure you have enough balance available in your bKash account on due date.

13. I have not paid instalment on due date. Why is my interest high?

The interest of Loan/Pay Later in bKash App is calculated on a daily basis. If you are unable to pay the instalment on due date, the daily interest will be added to your existing instalment amount. Also, a late penalty interest from the Financial Institution (e.g. the City Bank) will be applicable on your instalment amount.

To know the total payable amount including the interest, please see the Loan Details from your bKash App.

14. Is it possible to pay less/more than my instalment amount?

Yes, it is possible. You can select partial repayment to pay off any amount within the limit before the due date. Also, by selecting full repayment, you can repay the full amount of loan/Pay Later in bKash App.

15. If I fail to pay my instalment on the due date, will it impact on my Loan/Pay Later in bKash App eligibility and Loan limit?

If you are unable to pay the instalment on due date, a late penalty interest will be imposed on the instalment amount by the Financial Institution (e.g. City Bank). In case of your future Loans/Pay Later in bKash App(s), the Financial Institution (e.g. the City Bank) will take this into consideration to make further decision. If you have a history of late Loan/Pay Later in bKash App repayments, Financial Institution may consider you to be ineligible or lower your loan limit for future Loans/Pay Later in bKash App. On the other hand, if you have a positive history of timely loan/Pay Later in bKash App repayments, the Financial Institution may increase your loan limit.

16. Can I change the instalment amount and repayment duration?

According to the digital credit policy guidelines of the Financial Institution (e.g. City Bank), the instalment amount and the loan terms cannot be modified after you have availed the loan. But you can pay the entire outstanding amount at once or you can pay partial amount. In this case, your total due will be changed and next instalment amounts will be adjusted accordingly. You can view the revised instalments in Loan Details page of Loan option in your bKash App.

17. Upon successful repayment of Loan/Pay Later in bKash App will I get any certificate?

Loan/Pay Later in bKash App user will be able to see the list of current and repaid loans/Pay Later in bKash App(s) from Loan option in the bKash App.

For a loan/Pay Later in bKash App certificate, kindly contact with The City Bank via email at [email protected].

18. If I repay the Loan/Pay Later in bKash App completely before the Loan tenure, will I be charged extra?

The interest amount is applicable on a daily basis. So, if you repay the Loan/Pay Later in bKash App completely before the Loan tenure, you do not have to pay any extra amount for early repayment of Loan/Pay Later in bKash App. Your interest amount will be lower than the amount you were supposed to pay earlier.

In case of Pay Later in bKash App, if you choose the first option and repay the full amount within 7 days, you will not have to pay any interest.

19. Why do I have multiple due dates for multiple bKash Pay Later(s)? /Why don’t I have a single repayment date for all my bKash Pay Later(s)?

You have to pay the installment on the same date of the following month of the date you make payment with Pay Later. However, if Pay Later is used on the last 3 days of the month (29th, 30th and 31st), then the installment must be paid on the 28th of the following month.

20. If I apply for a new loan/Pay Later in bKash App after the repayment of the previous one, will I be offered the same amount of loan limit?

After the full repayment of your existing loan/Pay Later in bKash App, the next available Loan limit will be decided by the Financial Institution (e.g. the City Bank) considering your bKash account usage pattern and account status. In that case, the limit may be higher or even lower than the previously loan limit. If you have a history of late loan/Pay Later in bKash App repayments, Financial Institutions (e.g. the City Bank) may consider you to be ineligible or lower your loan limit for future loans/Pay Later in bKash App(s). On the other hand, if you have a positive history of timely loan/Pay Later in bKash App repayments, the Financial Institution (e.g. City Bank) may increase your loan limit.

21. If I have already taken a bKash Pay Later, can I apply for another bKash Pay Later?

Sir/Madam, you can maintain up to 5 bKash Pay Later at the same time within your available loan limit.

However, if any installment of your current active loans/bKash Pay Later(s) is overdue, you will not be able to take a new loan/bKash Pay Later unless you pay your overdue amount and late fee.

22. Customer has 3 months’/6 months’ instalment and customer wants to repay instantly, what will be the way forward?

If a customer wants to repay instantly, by selecting full repayment, he can repay the full amount. Also, he can select partial repayment to pay any amount.

23. If customer selects full repayment but customer does not have sufficient balance at that moment, will the system automatically deduct the available balance and reflect accordingly?

If customer selects full repayment but does not have sufficient balance, he/she will not be able to proceed with the transaction and an error message will be shown.

24. I was shown “Insufficient Loan Limit” error message while trying to avail Pay Later in bKash App. Why?

If you enter an amount that is more than your available loan limit, “Insufficient Loan Limit” error message will be shown.

25. I have mistakenly made a payment to a merchant through Pay Later in bKash App. Can I get a refund on Pay Later in bKash App?

We are sorry for the inconvenience. Pay Later in bKash App is non-reversible and the payments must be made on the due date to avoid the risk of being overdue.

However, if the merchant initiates a refund on your payment, you may repay your Pay Later in bKash App immediately. In this case, only the processing fee and the accrued interest amount will be charged on the day you receive the refund.

26. My Pay Later in bKash App was not repaid on the 7^th day even though I had available balance. Why did this happen?

To avail the 0% interest of Pay Later in bKash App, you must make an early repayment within 7 days of availing Pay Later in bKash App. If an early repayment is not initiated within 7 days, the interest will not be waived and the regular repayment process will be applicable.