Government Provides Additional Duration for Loan Payment

Finance News

Wednesday, August 25, 2021/Kathmandu-
The government has decided to provide an additional tenure of one year, regarding the payment of the loan hampered due to Covid-19 pandemic.

The loanee who were suppose to make the payment of their loan along with interest, by upcoming December (end of Poush), will be now allowed an additional period of a year to make the payment.

The Nepal Rastra Bank has directed on Tuesday, the Banijya Bank, Bikas Bank and Finance companies to follow the directions.

This facility will be utilized by the most affected sectors like restaurant, party palace, public transportation, educational institutions and entertainment fields.

Also, the small or cottage industries and secondary type of industries which have been affected due to the pandemic can also make use of the relief.

The banks can recover their amount in at least 4 instalments within the added duration.

The loanee is also not subjected to pay fine amount for the same.

Similarly, the interest for the period until 2022 July( Aashad end) would be added separately and collected in additional 2 years duration I atleast 4 instalments for business houses which are dependent on external tourists like hotel, travel, trekking and airlines.

No penalty interest or fine will be levied for the same.