EBL EasyCredit
1. What is EasyCredit?
EasyCredit is an EMI plan for EBL credit cardholders, which can be availed at a reduced interest rate through Pay Order, EBL to EBL Account transfer or transfer to other bank's Accounts through BEFTN.
2. Who can avail EasyCredit?
All Primary credit cardholders of EBL can avail this service. This facility is not available for supplementary credit cardholders and Corporate credit cardholders.
3. How can an eligible credit cardholder avail EasyCredit?
The cardholder does not need to fill in any forms to avail this facility. Any credit cardholder (except corporate credit cardholders) of Eastern Bank will be eligible for availing the service upon making a request to EBL Contact Center by calling 16230 or +8809612316230 and providing some details i.e. Card number, transaction amount, branch name from where they are interested to collect the pay order or beneficiary details i.e. beneficiary's EBL or other bank's account number.
4. What is the minimum or maximum transaction amount that can be availed using EasyCredit?
Cardholder has to transfer or request a Pay Order of at least BDT 10,000 to avail EasyCredit. The maximum amount for a transaction can be up to 50% of the card limit under this service.
5. How many times can a Cardholder avail EasyCredit per year?
There is no such limit on the number of times EasyCredit can be availed. An eligible credit cardholder of EBL can avail EasyCredit as many times as they require; maximum disbursement of 50% of total assigned card limit.
6. What is the interest rate?
EasyCredit interest rate is calculated in reducing balance method instead of flat rate. Please refer to latest published EBL Cards Schedule of Charges for the rate of EasyCredit. Below is a comparison between Flat rate and Reducing balance rate interest fee calculation:
|
Reducing Balance Method |
Flat Rate Method |
|
|---|---|---|
|
Loan Amount (BDT) |
10,000 |
10,000 |
|
Interest Rate |
20% |
11% |
|
Number of EMI |
12 |
12 |
|
EMI Amount (BDT) |
926.35 |
925.00 |
|
Total Interest (BDT) |
1,116.14 |
1,100.00 |
|
Total Amount Payable (BDT) |
11,116.14 |
11,100.00 |
7. Is there any other fees and charges?
A processing fee of 2% or BDT 500 (whichever is greater) on the transaction has to be paid (VAT applicable)
8. What are the EMI tenure options?
You can choose EMI plan according to your choice from a wide range of 3, 6, 9, 12, 18, 24, 36, 48 and 60 months.
9. Can the Beneficiary and Payee be the same person?
Yes. The beneficiary and payee can be the same person.
10. Can the Cardholder early-settle their EasyCredit loan by paying all the remaining installments in one lump sum?
The cardholder has the option of early settlement of the Installment Loan amount provided, they pay a pre-closure fee of 2.00% of the remaining outstanding amount, on the date of pre-closure of their loan or BDT 300 whichever is higher (VAT applicable).
11. Can EasyCredit be cancelled automatically?
Yes. EasyCredit facility can be cancelled automatically when the credit card account reaches 90 DPD (Days Past Due) or 3 installments missed consecutively and the entire loan amount will get transferred to the card account and become fully due.
12. Will RAP charges be applicable on my EasyCredit loan?
Yes, RAP (Risk Assurance Program) will be calculated on the EasyCredit EMI amount and principal amount due on a particular month.
For more information, please call EBL 24x7 Contact center @ 16230 or +8809612316230