Shakti Foundation, one of the largest microfinance institutions in the country, and Delivery Tiger, a leading logistics platform, have collaborated to launch the 'e-Loan' product for e-commerce entrepreneurs.
An agreement regarding e-Loan was signed on 28 February at the head office of Shakti Foundation in Mirpur, Dhaka, read a press release.
The 'e-Loan' product enables online small and medium (SME) retailers to get loan of up to Tk5 lakh within five to seven working days of application.
The entire process from loan origination to disbursement and repayment is completely digitised.
This allows small and medium entrepreneurs quick access to finance. Moreover, the service charge of this loan is also relatively low compared to MFI standards.
Small and medium entrepreneurs, who currently can't apply for SME loans from banks due to trade license or other document related issues can also easily apply for this e-Loan.
Shakti Foundation and Delivery Tiger hope that this product will help meet the demand for working capital of online SMEs.
Imran Ahmed, deputy executive director of Shakti Foundation, and AKM Fahim Mashroor, chief executive officer of Delivery Tiger, were present on the occasion.