FNCCI requests capable businesses to pay loan interest and installment

Published On: July 14, 2020 01:30 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, July 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has requested entrepreneurs, traders and businesspersons who have the capacity to pay, to pay the interest and installments of their loans.

Issuing a statement on Tuesday, the FNCCI said those who are able to make payments should proceed and those who cannot should contact the federation for assistance from the government. The FNCCI has also requested all bodies to arrange the addition of a timeframe for loan repayment in the Monetary Policy 2020/21 by restructuring and rescheduling of loans and by interest capitalization for entrepreneurs, traders and businesses.

“As the representatives from FNCCI and Nepal Bankers’ Association have decided to meet every month to have discussion upon the complaints, we request all member organizations, businesses and companies to contact us with their concerns related to loans from commercial banks,” the statement read.

With the enforcement of the lockdown on March 24, the country’s businesses have been directly affected. Though the government has relaxed the lockdown, the businesses have not picked up pace and entrepreneurs have been demanding deferral of loan repayment to banks and financial institutions (BFIs) until the economy returns to normality.

The FNCCI last week had urged Nepal Rastra Bank to extend the deadline for industries and businesses to repay their principal and interest of loans from mid-April until the economy of the country gets back on track.

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