Kathmandu. Prabhu Bank Limited has launched the ‘Prabhu Pravasi Samriddhi Yojana 2083/84’ targeting the Nepali citizens working abroad and living abroad. The bank has introduced this scheme with the objective of providing easy and competitive loan facilities to the non-resident Nepalis for the purchase of house and land, construction and repair of houses.

According to the NRB, the remittance amount is focused to meet the long-term financial needs of Non-Resident Nepalis by mobilizing the remittance in the formal banking system.

Under the scheme, a maximum loan of up to Rs 3 crore will be available for home loans. The maximum tenure of the loan will be 25 years. The bank has fixed a service charge of 0.50 percent and an additional interest rate of 0.50 percent per annum on the average base rate for this loan.

This facility will be available through 300 branches of the bank across the country. Under the scheme, loans can be availed for the purchase of houses and apartments, construction and maintenance of houses as well as for the purchase of land.

Similarly, educational loans will also be available for a maximum of 2 children of the customer to study in Nepal or abroad. An additional interest rate of 1 percent per annum has been fixed on the average base rate of the loan and a 50 percent discount will be given on the loan administrative fee.

Free debit card and mobile banking services will also be provided in the first year of the scheme.

Prabhu Bank believes that this scheme will provide financial support to Nepalis living abroad to build or purchase residential properties for their and their families’ future. In addition, the bank expects that the remittances received from overseas Nepalis will be mobilized through the banking system to contribute to the expansion of deposits, credit flow to productive sectors and long-term customer relationships.