Special loan service of citizen investment fund to tourism sector employees

KATHMANDU: JUNE 21 – The Citizens Investment Fund will provide special loan services to the employees of the COVID-19 affected tourism sector. The fund has stated that if the employees working in the tourism sector want to borrow the amount deducted monthly while participating in the Employee Savings Increase Approved Retirement Fund program run by the Citizens Investment Fund, the loan will be provided to the participants without any additional interest charge.

It is said that the employees working in the hotel, travel, trekking and aviation sectors have been affected due to the prohibitory order on the spread of COVID-19 in the country.

It said the facility was aimed at providing relief and assistance to the fund’s participants, albeit in small amounts, in the current unusual situation in the country. Named Covid Affected Special Loan, the facility allows borrowers to borrow up to 50 percent of the amount deposited in the participant’s account.

According to the fund, the interest rate will be the same as the interest rate paid by the Employees Savings Increment Retirement Fund. This means that the difference between taking and giving interest rates is zero. Such facility will be provided to the participants belonging to the most affected tourism sector till mid-Poush 2078 BS. An arrangement has been made to repay the loan amount within two years of borrowing.