Kathmandu. Prabhu Bank Limited has launched the “Prabhu Pravasi Samriddhi Ghar Loan Scheme 2083/84” targeting the Nepalese living abroad. Through this scheme, the bank aims to provide easy, competitive and convenient loan facilities to the Non-Resident Nepalese for their home and land purchase needs.
Remittances have been an important contributor to Nepal’s economy. Remittances have been playing an important role in foreign exchange earnings, household income, and liquidity addition in the banking system. Prabhu Bank has been giving priority to remittance transactions since its inception and has been continuously taking initiatives to expand deposits and disburse credit to the productive sector by mobilizing the money received through remittances into the banking system.
This scheme has been introduced with the objective of meeting the long-term financial needs of overseas Nepalis by mobilizing the remittances received from them more effectively through the banking system. The scheme is expected to provide easy access to financial resources required for the purchase of houses and land and help in expanding long-term banking relations with banks.
Under this scheme, the maximum loan limit for home loan up to Rs 30 million will be fixed for a maximum tenure of 25 years with service charge of 0.50 percent and the interest rate will be increased to 0.50 percent per annum at average base rate.
Under this scheme, customers who want to purchase houses and apartments, build and repair houses and buy land will be provided easy and easy access to finance. In addition, under this scheme, customers will be provided with an additional 1% interest rate at an average base rate of 1% per annum for a maximum of 2 children to study in Nepal or abroad, as well as 50% discount on loan administration fees, as well as free debit card and mobile banking for the first year.
The bank believes that this scheme will provide necessary financial assistance to the Nepalese working and living abroad to build residential properties for their and their families’ future. In addition, the bank expects to contribute to the enhancement of deposits, productive credit flow and expansion of long-term customer relationships by mobilizing the remittances coming into the banking system from overseas Nepalese through formal means.
The bank is committed to provide easy, reliable and customer-centric banking services to meet the changing financial needs and priorities of its customers.
