NIC Asia Bank announces relief plan for loan customers

KATHMANDU: NIC Asia Bank has introduced a relief plan aimed at alleviating the impact on its loan customers caused by the current economic slowdown in the country.

The bank has announced that customers with overdue loans until the end of Chaitra 2080 can benefit from a 100% waiver on penalties and late fees, as well as concessions on regular overdue interest amounts if they repay the full loan amount by Ashadh 2081.

The waiver on regular overdue interest will be provided as follows:

• 15% on loans overdue by 91 to 180 days,
• 25% on loans overdue by 181 to 365 days,
• 35% on loans overdue by more than 365 days.

Customers affected by the economic downturn, including those with monthly and quarterly installment loans, working capital loans, and other revolving credit facilities, can participate in this scheme and benefit from the relief measures.

In response to the urgent need for all stakeholders to contribute towards the greater good of the national economy during this extraordinary time, the bank has arranged for attractive interest concessions for borrowers.

NIC Asia Bank believes that this relief plan will help mitigate the financial burden on customers affected by the economic slowdown and contribute to the overall recovery and sustainable strengthening of the country’s economy.