NIC Bank announces discount scheme for loan customers

KATHMANDU: NIC Asia Bank has announced a new scheme that offers a 100% waiver on penalties and fines for overdue loans, provided the borrowers settle their entire loan amount by the end of Jeshtha 2081 (mid-June 2024).

The bank introduced this scheme to alleviate the impact of the current economic slowdown on its loan customers.

This initiative aims to support borrowers who have been adversely affected by the economic downturn, encouraging them to clear their dues without the additional burden of penalties.

In addition to the penalty waiver, the bank has also unveiled a plan to provide discounts on outstanding interest amounts as per the schedule outlined in the accompanying table.

This plan covers loans repayable in monthly or quarterly installments, working capital loans, and other revolving credit facilities.

Essentially, any type of loan issued by the bank can benefit from this scheme, provided the economic slowdown has impacted the borrower.

During these extraordinary times, NIC Asia Bank recognizes the critical need for all stakeholders to contribute to the broader national economy’s well-being.

The bank’s attractive interest discount arrangements for borrowers are a step towards addressing this urgent need.

NIC Asia Bank believes that this concession scheme will help reduce the financial burden on customers facing difficulties due to the economic slowdown.

Additionally, the bank is confident that this initiative will contribute to the overall recovery and sustainable strengthening of the national economy.