Mega offers loan to people hit by demolition drive

KATHMANDU, OCT 05 -

Mega Bank Nepal on Thursday launched a new loan product targeting the people affected by the government’s road expansion drive in the Capital. The bank announced the home loan “Khancho ko Sancho” for reconstruction of their houses. Along with home loan, the affected people will be offered Mega SME loan to help rebuild their business which was closed down after the demolition of their building.

Mega CEO Anil Shah said that the special product is designed to facilitate only the affected house owners in Kathmandu Valley.  

The turnaround time for the specially designed loan will be three days after the receiving the required documents, according to the bank. Both the reconstruction and SME loan will be provided at the interest rate of 10 percent per annum with no processing fee.

The house reconstruction loan under the term loan facility will have a tenure of 20 years with no loan processing fee, according to the bank.

Moreover, the bank also offers a facility of moratorium period of one and a half years under term loan facility for house reconstruction.

Similarly, Mega SME business rebuilding loan will have a tenure, ranging from 1-10 years.

Source: The Kathmandu Post