Dhaka, May 11 -- Bangladesh has formally entered the era of digital lending by introducing commercial e-loan services with a maximum limit of Tk 50,000 for a repayment tenure of up to one year.

Under the new system, customers will be able to apply for loans, obtain approvals and receive funds through mobile apps or websites without visiting bank branches.

The central bank issued a notification on Monday, sending detailed instructions to chief executives of all scheduled banks through its Banking Regulation and Policy Department.

The e-loan service will initially be launched as a six-month pilot project, the notification said.

It will be rolled out fully if the pilot phase proves successful.

Under a single term, customers will be elig...