Prabhu Bank launches 'Prabhu Pravasi Samriddhi Home Loan Scheme 2083/84' for Nepali diaspora
Prabhu Bank Limited has launched the 'Prabhu Pravasi Samriddhi Home Loan Scheme 2083/84' targeting Nepali citizens working and residing abroad. The scheme aims to provide easy loan facilities for home and land purchase, construction, and maintenance, while channeling remittances into the formal banking system.
Kathmandu . Prabhu Bank Limited has launched the 'Prabhu Pravasi Samriddhi Home Loan Scheme 2083/84' targeting Nepali citizens working and residing abroad. Through this scheme, the bank aims to provide easy, competitive, and convenient loan facilities for the home and land purchase needs of Nepali diaspora.
Remittances have been making a significant contribution to Nepal's economy. Remittances have been playing an important role in foreign exchange earnings, household income, and enhancing liquidity in the banking system. Prabhu Bank has been prioritizing remittance transactions since its establishment and has been continuously working to channel remittance funds into the banking system to expand deposits and flow credit to productive sectors.
The scheme has been introduced with the objective of more effectively channeling remittances received from Nepali diaspora through the banking system and fulfilling their long-term financial needs. The scheme is expected to provide Nepali diaspora with easy access to financial resources needed for home and land purchase, as well as help expand long-term banking relationships with the bank.
Under this scheme, the main features for home loans are as follows:
- Maximum loan limit: Rs 30 million
- Maximum loan tenure: 25 years
- Loan service fee: only 0.50 percent
- Interest rate: average base rate plus only 0.50 percent per annum
- Availability: through 300 branches across the country
Under this scheme, customers wishing to purchase homes and apartments, construct and repair homes, as well as purchase land will be provided easy and simple financial access. Also, under this scheme, customers can avail educational loan facilities for up to 2 children to study in Nepal or abroad at an interest rate of average base rate plus 1 percent per annum, along with a 50 percent discount on loan administrative fees. Additionally, a free debit card and mobile banking are provided for the first year.
The bank believes that this scheme will provide necessary financial support to Nepali citizens working and residing abroad for building and purchasing residential property for their and their family's future. Furthermore, the bank expects to contribute to deposit growth, productive credit flow, and long-term customer relationship expansion by channeling remittances coming into the banking system from Nepali diaspora through formal channels.
The bank has expressed its commitment to providing easy, reliable, and customer-centric banking services, keeping in mind the changing financial needs and priorities of its customers.