Garima Bikas Bank to provide much needed respite to borrowers; to provide 100% interest exemption for borrowers receiving credit for public and tourist vehicles

Thu, Jul 2, 2020 7:29 AM on Corporate, Latest,
Garima Bik...

Garima Bikas Bank has decided to provide a 100% interest exemption for its borrowers who had received hire purchase loans for the purchase of vehicles engaged in public transportation and tourism.

The 100% tax exemption will be applicable for the month of Asad so that the borrowers can enjoy some degree of relief during the ongoing COVID emergency, as per the media statement.

The development bank had earlier provided a 2% reduction in the overall interest rate for the same category of borrowers for the final quarter of the fiscal year 2076-77 as per the directives from the Nepal Rastra Bank, as per the statement.