NIC ASIA Bank brings out sweeping loan rebate scheme for its borrowers; now receive 10% interest rebate and 100% waiver in penal charges
NIC ASIA Bank has launched a relief package for its borrowers with a view to ease their financial burden brought about by the ongoing Covid 19 impact.
Issuing the media statement, the Bank informs that as a responsible corporate citizen of the country, it has announced an unprecedented Relief Package to its borrowers. The relief package of this magnitude is probably a first of its kind in Nepalese banking industry by any banks in Nepal, as per the statement.
The Bank intends to offer a rebate of 10% on total interest payments and 100% waiver of penal charges for customers satisfying the following terms and conditions;
- Customer has to pay/clear all interest and principal dues to the Bank by Baisakh end 2077 and the rebate shall be provided on accumulated interest due till Baishakh end 2077
- All types of loans are eligible for the 100% waiver on penal charges upon clearing all dues till Baisakh.
- Customers are required to settle the entire dues of their all loan accounts and rebate on loan account-wise basis is not allowed. However, borrowing entity-wise eligibility shall be provided in case of group loans.
- The effective interest rate of customer shall not be below the Bank’s Base Rate after applying the 10% rebate. The base rate of Chaitra 2076 has been considered for the rebate calculation.
- Payment of dues through limit enhancement or additional disbursement shall not be eligible for rebate.
The rebate shall apply to all segments (SME, Retail, Corporate and DSL), all category (NPL, Watchlist, Portfolio at Risk and Regular) and all products (Demand Loan, Short Term Loan, Working Capital Loan, Term Loan, etc.)
The above rebate shall be refunded to customer’s account within 7 working days after end of Baishakh 2077 subject to compliance with all aforesaid conditions.
The Bank has established a Customer Help Desk at Province Level and Sub-Province Level in order to troubleshoot and resolve customer issues at this challenging times, so the customers may also contact to bank’s dedicated person at Province Level or Sub-province level to understand more on the relief package and its benefits, as per the statement.
The bank currently provides its services to its strong customer base from its 319 branches, 461 ATM terminals, 108 extension counters and 61 branchless banking units throughout the nation.
