Mahalaxmi Bikas Bank launches startup loans for returning migrant workers
The bank stated that many individuals returning from overseas employment possess the necessary skills, experience, and some savings to start a business but are often unable to do so due to insufficient investment.
KATHMANDU: Mahalaxmi Bikas Bank has introduced an attractive startup loan scheme aimed at turning returning migrant workers into successful entrepreneurs.
The bank stated that many individuals returning from overseas employment possess the necessary skills, experience, and some savings to start a business but are often unable to do so due to insufficient investment.
The new loan targets these aspiring entrepreneurs, enabling them to pursue their business goals.
The startup loan can be used for ventures in agriculture, trade, services, and production, with the aim of promoting entrepreneurship. The bank has assured that the loans will be offered at competitive interest rates.
According to the bank, the loan amount will range from Rs 1 million to Rs 10 million, with a repayment period of 2 to 15 years.
The initiative is expected to help returning youth become self-reliant, create employment opportunities domestically, develop entrepreneurship, make proper use of remittance funds, and contribute to the overall economic development of Nepal.
Additionally, the bank noted that Nepali residents can also benefit from this scheme to start or expand small and medium-sized enterprises under various loan categories.
