KATHMANDU, Oct 16: The Rastriya Banijya Bank has launched a new loan product, 'Kisan Saral Karja,' aimed at supporting the agricultural sector. Under this scheme, farmers can apply for loans of up to Rs 1 million, with the option of receiving a Kisan Credit Card worth Rs 100,000 within this amount.
The loan is available for Nepali citizens aged 18 to 65 who are engaged in agricultural businesses or are part of legally registered firms or companies involved in the agriculture sector. The bank has clarified that the loans will be issued in line with the Agricultural Loan Directory of 2069 (as amended) and will cover both periodic and operational needs.
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The loan term is up to 10 years, including a grace period. The interest rate will be based on the bank’s base rate with an additional 0.50 percent premium. The bank will finance up to 70 percent of the net business assets under this scheme.
Collateral for the loan can be the agricultural project itself or, if necessary, house or land. Additionally, the loan will be insured, and the bank has assured that the Kisan Saral Karja will be available through all its branches nationwide.
