e-Rin

Frequently Asked Questions about eRin

HERE ARE ANSWERS TO ALL THE QUESTIONS THAT YOU WANT TO KNOW FREQUENTLY

• What is eRin and how does it work?

eRin – For making a purchase that you so desired, taking a vacation to unwind or meeting a medical or financial emergency, keep the power of eRin in your smartphone. Quick personal loans (https://www.dhakabankltd.com) from Dhaka Bank that help you stitch in time.

eRin, a cutting-edge technology product from Dhaka Bank Limited, enables short-term personal loans to young salaried individuals, low earning individuals, professionals on a simple yet powerful app. Powered by a proprietary predictive algorithm called The Social Loan Quotient (SLQ) that creates a sophisticated credit profile of consumers totally different from conventional banks and credit agencies. eRin enables young individuals to get loans within minutes, without paperwork and pain. You can now avail loans ranging from Tk. 1,000 to Tk. 50,000 for 3/6 months based on your need. All you require is a salary slip/income proof, bank statement, NID card & address proof and uploaded through eRin app. Money is in your bank account within 2 hours on a working/banking day.

• What loan products does eRin offer?

eRin offers personal loans ranging from Tk. 1,000 to Tk. 50,000 payable over a period of for 3 & 6 months product.

You can choose to go for the 3/6 months loan plan which lets you repay the loan in three/six equal monthly payments. In the 3/6 months plan, you can choose a loan from Tk. 1,000 to Tk. 50,000

• Who can apply for a loan eRin?

Any Bangladeshi citizen residing in Bangladesh, above the age of 21, with a proof of current employment, earning a monthly salary/income of Tk. 10,000 and above, a bank account, A Phone number/ Google Account to Login and valid identity and address proof can use the eRin app to avail loans

• What device/platform can use to apply for eRin?

eRin is a mobile app and this app works on smart device.

• Why do I have to log in with my Facebook/Google accounts?

eRin aims to revolutionize the process of borrowing wherein we use your internet presence on social networking sites as a reliable benchmark to assess your creditworthiness. Your social networking activities provide valuable information on who you are, and whether you fit our ethos. It’s younger, simpler and more convenient.

• Why are my social media accounts accessed?

eRin is simply trying to get a picture of who you are using industry standard access levels in terms of your network, contacts and activity. Relax, because under no circumstances will your information be shared with third parties, nor will eRin retrieve personal data without your consent. Please refer our Privacy Policy.

• How much cash can I borrow from eRin?

With our multiple loan options now available on tap, you can now opt to borrow personal loans starting as low as Tk.1,000 to a maximum of Tk. 50,000 with a repayment period of  3 months and 6 months.

• Do you have a phone number for me to call you?

You may call us at 16474 for general queries only. Please email us at erininfo@dhakabank.com.bd for any queries related to the loan products, we will ensure that you are responded to as quickly as possible.

Documentation & Reference:

• What documents are required for applying for a Personal Loan from eRin?

You need to have a valid social media account such as google/facebook to be eligible to apply for the loan.

Just upload these 4 basic documents and you can get yourself credit approved with eRin

1. NID card
2. Latest salary slip/Income proof
3. Latest statement of your Bank Account, showing your salary credit or income
4. Address Proof – Any one (1): 1. Passport, 2. Utility Bills i.e. Electric/water/Gas Bill (not more than 2 months old) 3. TNT phone bill or 4. Holding Tax. If Current Address is different from Permanent Address, then additionally any one: 1. Utility Bills i.e. Electric/water/Gas Bill (not more than 2 months old) 2. TNT phone bill or 3. Rent Agreement

We would also ask you to upload your selfie as proof of your photograph. Your information will only be used internally.

Upload the above self-attested documents in jpg format. Also, make sure the documents you upload on the app are clearly legible and self-attested in order for us to speedily process your loan request.

Verification Process:

1. NID Card shall be verified electronically from Election Commission Database so as to ascertain correctness of the NID Number and corresponding name.
2. Passport/Utility Bills/TNT Phone Bill/Holding Tax will be used to verify
3. Borrower will electronically upload his/her selfie (need to blink the eye to confirm livelihood) on the eRin
4. Your CIB will be checked

For more information on this you may contact us on erininfo@dhakabank.com.bd

• Why do you need my documentation?

Dhaka bank is using a proprietary system to determine whether your creditworthiness and your documents depict that you are a responsible Borrower. Don’t worry, this information is for internal use only. The security of your information is of the utmost importance to us. For more information, feel free to go through our Privacy Policy.

• Do I need to provide a reference for applying for a Personal Loan from eRin?

Yes. You need to provide a name as a reference along with his/her mobile no, NID number, Designation.

• Do I need to upload these documents every time whenever I request for a loan from eRin?

Not at all. Once your documents are verified and you are credit approved, you can relax for the next 1 year without resubmitting your documents. Only the credit information will be checked every time.

eRin has a one-time registration process. Once you register with eRin and receive eligibility, you’re free to borrow as many times as you wish, without having to register again and again.

• What about collateral/security?

Relax. We trust you. We require no collateral. Simply provide us your valid documents so we can determine your eligibility and you’re all set!

• Do I need to have a Dhaka Bank A/C for applying for the loan and for the loan to be disbursed?

Yes. You need to have a Dhaka Bank A/C for applying the loan and for the loan to be disbursed. If you do not have a Dhaka Bank A/C, please open the account from – https://ezybank.dhakabank.com.bd/ekyc and maintain it for a reasonable period of time,

Eligibility:

• What are my eligibility criteria?

For 3/6 months loan, you can avail loan amount up to 100% of your net take home salary, Minimum is Tk. 1,000 and maximum not exceeding Tk. 50,000 and minimum salary/income should be Tk. 10,000

• My loan application didn’t get approved. Why?

If you haven’t uploaded the required documents, furnished false information, lack a job or the means to repay, or your profile does not include the qualities required of a user of eRin app, or if we are unable to verify your information, your application could be rejected and the same shall be communicated to you. This isn’t a reflection on your credibility, it’s simply that your profile does not fit as per our algorithm. Better luck next time.

• Can I re-apply?

Absolutely. If you feel that your application should be reviewed or if you believe that there have been material improvements in your creditworthiness since you last applied, do re-apply after 3 (three) months from the rejection of your previous application. We will look into it. However, approval remains solely at the discretion of bank.

Processing Fee & Interest Charges:

• Does eRin charges any processing fee for the loans taken?

We charge a flat 0.50% processing fee and 15% VAT on the processing fee on the principal amount for all the loan products. In addition to that a first time CIB charge of Tk. 100 and 15% VAT will be charged if you are a first time borrower.

• Is the processing fee charged only once or do I have to pay for it every time I take a loan from eRin?

The processing fee is charged every time you take a loan from eRin. But don’t worry, the fee is nominal

• What are your Rate of Interest on the loans I take?

We charge you a 9.00% interest per annum on reducing balance method. You pay a portion of interest and a portion of principal in Equal Monthly Installment (EMI). A penal interest of 2% per annum is charged on overdue amount

About your loan:

• How fast will I get my loan?

Your loan will be disbursed within 2 hours during a banking/working/business day of applying subject to verification of your documents. In order to process your loan quickly, we advise you to upload the necessary documents in the necessary formats and make sure they are clear and legible.

• What do I do in case you can’t give me the amount within 2 hrs?

This is unlikely – eRin is designed to complete your credit appraisal within 2 hours during the working hours in a working day i.e. within 9 am to 5 pm from Sunday to Thursday. Once that’s completed, you will be informed immediately of your eligibility. In some cases, some additional information may be required to disburse cash. But, whatever the case, we’ll ensure that you’re always kept in the loop.

• Can I change my loan request?

You can change your loan request only after the final approval for the loan has been given. Please reach out to erininfo@dhakabank.com.bd for this purpose.  In such case you’re disbursement may get delayed if the amount requested for, requires further assessment.

• Can my loan amount be recalled?

The Bank reserve the right to recall, with due notice, any cash disbursed to Borrower for failure to disclose materially valuable information to determine your credit profile. If you’ve provided false or misleading information, the Lender will call for the amount to be repaid within 24 hours, following which you will be categorized as a defaulter, with penalties and appropriate steps may be taken by appropriate authorities.

In case you default on your loan: 

• When will I be considered as a defaulter?

Default is a failure to repay the full amount due including Interest within the time frame from date of disbursement of loan amount. If you fail to repay within the stipulated time period allotted to you, you will be classified as a defaulter with eRin and you will be unable to take a loan with eRin.

• So, what if I default?

Dhaka Bank is an enterprise of trust. As a user of eRin app, Dhaka Bank lends you cash because it believes in your creditworthiness, and in your ability to return it. So, should you default despite the trust bestowed, the Bank will be forced to make your status as a defaulter and we will take necessary steps to recover the loan which include SMS, phone call, letter, physical visit or any means as per the policy of the central bank. Dhaka Bank will also inform Credit Information Bureau of Bangladesh Bank as per the classification policy of Bangladesh Bank.

Repaying your loan:

• Can I repay my loan before the due date?

Is that even a question? Absolutely! In fact, making payments before they are due raises your credit score. You may repay before due date and you will not be charged any further interest.

• How do I repay the Loan availed from eRin?

You will pay through your Dhaka Bank account. Dhaka Bank will realize the EMI on the due date from you’re account. You may deposit the required amount in cash, transfer from other bank and/or Mobile Financial Services (MFS).