Prime Bank and online shopping marketplace, Daraz Bangladesh, have joined hands to facilitate MSME financing to e-commerce merchants without any collateral.
As per an alliance formed recently, the merchants of Daraz Bangladesh, a subsidiary of Alibaba Group, will avail easy access to MSME loan from Prime Bank, according to a press release.
Eligible marchants of Daraz can now enjoy collateral free loan up to Tk 50 lakh and other tailor-made financial solutions.
The merchants can also avail a wide range of deposit products and free Internet Banking – ALTITUDE - for conducting broad range of e-transactions.
They will need two-year business experience and recommendation letter from Daraz Bangladesh.
The MSME entrepreneurs can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service for the valued marchants of Daraz Bangladesh.
Under the arrangement, the merchants will also get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee, Work Order etc.
The alliance between Prime Bank and Daraz Bangladesh is aimed at encouraging MSME businesses to conduct business through digital platform alongside traditional method.
Prime Bank and Daraz Bangladesh will work together to cater to banking needs of MSME businesses and facilitate their financial upliftment.
