However, Prabasikalyan Bank is the foremost in giving loans to go abroad. The bank was formed in 2011 for this purpose. Apart from this bank, Sonali, Agrani, Pubali and NRB Bank are some of the banks that are giving loans to go abroad. NRB Global Bank and NRB Commercial Bank have also recently started giving loans to go abroad.

One class of Adam dealers sent workers abroad with much more money than the prescribed amount. Workers are often sent with fake documents, who are forced to go abroad and live inhumane lives later. The report therefore proposes to reduce the delay in loan application and to increase supervision over debt collection.

Who will get the loan: After getting the visa, you have to apply with the Managing Director (MD) of the bank. Only those who have got visa to work abroad will get this loan. In other words, if you want to get a loan, you have to have a valid visa. The bank will not issue any visa. Loans will also be given based on the duration of the visa.

Loans and interest: Government banks are coming with loans of 1 to 2 lakh rupees. The loan term is usually 2 years. Grace period is two more months. In all, the loan is being given for 28 months and the interest rate is 9 percent. Private banks, however, are giving loans for a period of 1 to 3 years. These banks charge 12 to 14 percent interest.

However, the private banks started taking installments three months after their arrival abroad. However, the loan terms and approval process are almost the same for all banks. Debt repayment period is two years for UAE, Bahrain, Mauritius, Oman, Qatar, Italy, Australia – one year only for Singapore.

Required Documents: In addition to the valid visa, the company that will hire or employ the expatriate worker will need the employment letter of the company. Three attested photographs of the applicant, certificate taken from the municipality or union parishad with current address and permanent address, passport and photocopy of national identity card are required. Personal bail of one or more local or close persons will also be required.

This guarantee acts as an alternative to the property mortgage. Bailiffs like the applicant are required to submit photograph, certificate taken from the municipality or union council, passport and photocopy of national identity card. In addition, the bank through which the remittance (remittance income) will come, has to submit a pledge with the bank on non-judicial stamp.

Loan Repayment: Sonali Bank’s loan repayment period is a maximum of three years. After going abroad, you have to repay the loan in 24 installments in two years or in three years or in 36 installments. You have to pay one installment every month. This bank charges simple interest of one figure. Agrani Bank also charges one digit interest, but the loan has to be repaid in a year and a half.

Pubali Bank has given a loan of up to Tk 2.5 lakh but the repayment period is 2 years. NRB Global Bank and other private banks have arranged to repay the loan up to Tk 3 lakh in 12, 24 and 36 monthly installments. The monthly loan installment of this bank starts from 3 months after going abroad.