MDB Digital Loan - SOD

Title Details
Customer Segments
  • Any individual who is using “Midland Online” having Digital FDR/ Digital Family Support/ Double Benefit Plus/ Digital Double Benefit Plus/Saalam Digital Term Deposit/Saalam Digital Family Support/ Saalam Double Benefit Plus/ Saalam Digital Double Benefit Plus or any other scheme deposit (both digital and non-digital way except double benefit scheme having printed receipt) with Midland Bank Limited.
Co-Borrower / Joint Borrower
  • Not Applicable.
Age criteria
  • Minimum Age: 18 years
  • Any legitimate purpose.
Loan amount
  • Minimum Amount: BDT 10,000/- (Ten Thousand Taka) Only.
  • Maximum Amount: BDT 10,00,000/- (Ten lac) Only.
  • 12 months and renewable.
Loan to value (LTV) ratio
  • 90% of the value (including capitalized interest/profit) of Midland Bank Digital FDR/ Saalam Digital Term Deposit.
  • 90% of customer deposited amount against any scheme deposit both digital and non-digital way except double benefit scheme having printed receipt.
  • 80% of customer deposited amount against Digital Family Support / Digital Saalam Family Support
Mode of disbursement
  • A separate loan account to be opened with loan limit. Customer will be able to do both debit and credit transaction in that account.
Interest rate
  • FDR/Scheme deposit rate + 3% p.a. In case of any change in interest rate of deposit instrument, lending interest rate of the facility will also be changed.
Penal interest rate
  • 2.00% higher rate will be applicable on overdue amount over the prescribed rate.
Processing fees
  • Nil.
Early settlement fees
  • No Early Settlement Fee.
Loan processing time
  • Loan request received before 12:00 noon will be processed in the same day, else it will be processed in next working day subject to availability of CIB report from Bangladesh Bank.
Loan Closing
  • To close or early settle the loan account, customer needs to apply through Midland Online or visit nearest branch/sub-branch of the bank.
TIN/Proof of Submission of Tax Return
  • Customer must provide proof of submission of tax return for loan amount of above BDT 5.00 lac. If the submission of tax return can’t be verified from NBR website then loan application will not be processed by the bank.