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Only financial institutions not anyone can file a case under the the ARAA 2003 for recovery of debts. Now, funded liability, so far I understand it, is that a person saves/invests/funds a certain amount for a liability he will incur in future as he has already promised it. This directly does not happen in financial institutions. However, if viewed from the perspective of a consumer taking loan which is essentially a funding by the institution and liability for the consumer, yes, a financial institution can sue. In case of non-funded liability, a civil suit can be brought by way of common law doctrine of estoppel due to the acceptance of the liability.
'O you who have believed, fear ALLAH as He should be feared and do not die except as Muslims in submission to Him. And hold firmly to the rope of ALLAH all together and do not become divided. And remember the favor of ALLAH upon you - when you were enemies and He brought your hearts together and you became, by His favor, brothers. And you were on the edge of a pit of the Fire, and He saved you from it. Thus does ALLAH make clear to you His verses that you may be guided'.
(Surah: Aal-I-Imraan. Verse: 103-104).
Sir, I am a middle aged person. I have land properties and cash capital as well. Now-a-days banks and non-banking financial institutions or government securities and/ or bonds are not giving or providing more than 9% to 11% interests for FDR or MTDR i.e. Maximum for every 100,000 ( one lac).
Constitution of the People Republic of Bangladesh 1972, Article 102, Parties: M/S National Engineers Limited and others vs Jubak Housing. When the order dated passed by the Artha Rin Adalat was challenged before the High Court Division on the ground that the same was. The Artha Rin Adalat Ain, 2000 Section 12(2), Parties. These two laws, ADR provisions have also been incorporated into the Labor Act, 2006 and the Artha Rin Adalat Ain (Money Loan Court Act), 2003.1 It is, therefore, evident that the Court Based ADR is now a settled fixture in courts in Bangladesh like many parts of the world.
I would like to invest my money and also to take loan from commercial banks for my new venture i.e. A marketing farm. How Could I get loan? What documents are commonly needed to be deposited to the banks for a loan? What are the securities and mortgages that must be completed for a bank loan? Can you please suggest me on how could I protect my rights as a borrower? Regards M N Alam 15.9.2015 Advice: (By Ahamuduz Zaman, Founder: ain-qanoon.comm) Dear Mr.
I am happy that you are visiting ain-qanoon.com on regular basis and due to shortage of space I have summarized your queries. If I am not wrong, you are requested to read following answer carefully to find best suited reply for your queries: Investment is always challenging. You told that you have cash capital but for huge investment, you are willing to take loan.
Regarding loan, I would like to tell you that in Bangladesh most of the banks and non-banking financial organizations/institutions or micro-credit lenders approved by the Bangladesh Bank can provide you loan either with interest or for short term interest free loan (like in agri-sector or in IT sector or in SME sector or in Home loan or in cooperative sectors like livestock or fisheries etc.) or completely interest free loan where borrowers (customer) and lenders (bank) shall share profit-loss under Islamic Banking system. What is loan, advance and credit? Answer: Loans, Advances and credit are interchangeably used without making any distinction. It matters very little to a commoner as long as these are money lent out to the people. Loans: When an advance is made in a lump sum repayable in fixed monthly instalment is called a loan.
No cheque book is issued;. Amount may be repayable in lump sum or in installments with in fixed period. Overdraft: Temporary financial accommodation with a certain limit granted in customers SOD A/C interest calculated on daily product basis. Cash Credit (CC): It means financial accommodation in a separate account with a certain limit and validity, secured by pledge or hypothecation of goods. A cash credit is an arrangement by which a banker allows his customer to borrow money upto a certain limit.
Cash Credit arrangements are usually made against the security of commodities hypothecated or pledged with the bank. Clean Loan/ Unsecured Loan: Loan which is granted to a borrower without obtaining any security from him is called Clean Overdraft or Clean Loan. Micro credit: It refers to small credit specially credit for the poor, agriculture, rural development, women empowerment and other types of credit for poverty alleviation. NGO’s are commonly engaged in our country in financing micro-credit needs of the rural areas. Consortium Advance: Consortium loan means joint finance by more than one bank to the same party against a common security. The entire security remains charged to all these banks for the total advances. All the consortium banks have a pari passu charge on the security.
Types of Loan There are various types and categories of loan such as –. Continuous Loans which are continuing having no definite repayment schedule, but with a limit and expiry date are called continuous loan. For example CC, OD etc.
Demand Loans which are payable on demand. Contingent or forced loan is alo treated as demand loan.
For example, forced PAD, LlM, FBP etc. Without any prior approval as regular loan). Fixed Term Loan Loans which are payable within a fixed repayment schedule are called Term Loan. For example, House Building, Transport Loan etc.
Short Term Loans Micro-credit and agricultural loans are treated as short term loans. Loans on agricultural sector repayable within 12 months are included in this category of loan. Micro credits not exceeding 25000 taka and repayable with in 12 months are also treated as short term loan. Loan period:. Short Term- Period is over 12 months. Such loans are generally provided for seasonal agricultural production activities.
Medium term Loan- Period is over 1 yrs to 18 months and not exceeding 5 years. Long term Loans- Period is over 5 years. What is lending caps? Lending Caps is pre-measures against one sided loan and diversify the total loan in various sectors instead of one sector to minimize the total risk and to maximize the future growth of the Bank. As per CRM Policy Guidelines, every bank has established a specific industry-wise lending caps considering the existing concentration and future growth of opportunities. For getting loan from banking or non-banking financial organization, you need to have some important documents (that should be given or provided or deposited as securities by the borrower to the lender).
Type of Advances/Loans/Credit Securities Loans Lien of various kinds of snchaya patras or deposit bonds, government debentures, FDRs, pledge of gold/ gold ornaments, Hypothecation of vehicles, collateral of immovable properties Overdraft (OD)/ SOD (secured Over Draft) Sanchaya Patras, NFCD, Shares, debentures, FDR, Life Insurance Policies, Work order.