July 6, 2020 | Investopaper
NIC Asia Bank will provide home, car and business loans at 8.25 percent interest rate. The new loan scheme with 0.25 percent administrative fee has been named as Super Chamatkarik Home Loan, Super Chamatkarik Car Loan and Super Chamatkarik Business Loan.
The bank has stated that the interest rate will not change for one year. Practicing accountable banking, it has identified the needs of the customers and introduced a loan scheme with the lowest interest rate and administrative fee in the banking sector of Nepal.
NIC Asia Home Loan
Under the home loan, customers who want to avail financial services for purchase of house and apartment, construction of house, purchase of land for house construction, etc. can avail the benefits of this scheme. The bank will provide the loan for a minimum period of 5 years to a maximum of 30 years.
It also has the facility that the borrower up to 5 years can pay only the interest of the loan. The scheme has a maximum loan limit of Rs 15 million and an overdraft facility of up to Rs 5 million.
The bank has stated that the loan will flow up to 100 percent of the construction cost while constructing the house. Under this facility, customers who are consuming home loan through other banks and financial institutions can also transfer the loan.
NIC Asia Business loan
The scheme will help small and medium enterprises. The bank introduced the scheme to encourage small and medium enterprises (SMEs) affected by COVID-19. The loan can be taken in combination of periodic loan and overdraft. The bank has stated that the maximum limit of such loan is Rs 10 million.
NIC Asia Vehicle loan
The bank will provide vehicle loan to the private red plate vehicles as well as business vehicles and electric vehicles. Customers who have taken vehicle loans through other banks can also swap loans under this scheme, the bank said. The bank will provide a maximum of Rs. 20 million in this scheme. The loan period is up to a maximum of 10 years in case of vehicle collateral and up to a maximum of 15 years in case of pledging both vehicle and real estate.