Nepal Bank Offers Interest Concessions to Loan Debtors
Mon, Jun 26, 2023 3:18 PM on Latest,
Nepal Bank Limited has announced special concessions on loan interests for debtors. In a notice issued by the bank, it states that debtors who have received loans from the bank and were categorized as defaulters before Chaitra, 2070, will have the opportunity to repay their loans with discounted interest rates on principal amounts up to Rs. 25 lakhs.
The discounted interest rates will be applicable until Ashad, 2080, and the bank encourages debtors to take advantage of this opportunity to become debt-free. For detailed information, individuals can contact the loan recovery department at the bank's Head Office or branch offices.
The discounts on loan interests is subject to specified conditions.
The discounts have been specified as follows:
1. In the case of loans up to 1 lakh, the remaining principal (including other expenses) and an amount equal to 10 percent of the remaining principal will be paid with interest, excluding other interests.
2. In case of loans up to 1-5 lakhs, the remaining principal (including other expenses) and an amount equal to 30 percent of the remaining principal minus interest and other interests can be cleared.
3. In case of loans up to 5-10 lakhs, the remaining principal (including other expenses) and an amount equal to 40 percent of the remaining principal, minus other interests, can be liquidated.
4. In case of loans up to 10-15 lakhs, the remaining principal (including other expenses) and an amount equal to 60 percent of the remaining principal can be cleared by paying interest and excluding other interests.
5. In the case of loans up to 15-20 lakhs, the remaining principal (including other expenses) and an amount equal to 70 percent of the remaining principal can be cleared by paying interest and excluding other interests.
6. In the case of loans up to 20-25 lakhs, the remaining principal (including other expenses) and an amount equal to 80 percent of the remaining principal can be cleared by exempting other interests.
View the full notice here:
