Banking News – 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 housing and land purchase needs of migrant Nepalis.

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 funds received through remittances into the banking system, expand deposits, and flow loans into productive sectors.

The scheme has been introduced with the objective of more effectively mobilizing remittances received from migrant Nepalis through the banking system and fulfilling their long-term financial needs. The scheme is expected to provide migrant Nepalis with easy access to necessary financial resources for purchasing homes and land, as well as help expand long-term banking relationships with the bank.

Under this scheme, for home loans up to a maximum limit of Rs 3 crore, the loan tenure will be up to a maximum of 25 years, with a loan service fee of only 0.50 percent and an interest rate of just 0.50 percent per annum above the average base rate. This facility will be available 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 with easy and simple financial access. Additionally, under this scheme, customers can avail educational loan facilities for up to two children to study in Nepal or abroad at an interest rate of 1 percent per annum above the average base rate, with a 50 percent discount on loan administrative fees. Furthermore, a free debit card and mobile banking are available for the first year.

The bank believes this scheme will provide necessary financial support for Nepali citizens working and residing abroad to build and purchase residential property for their own and their family’s future. Additionally, the bank expects to contribute to deposit growth, productive loan flow, and long-term customer relationship expansion by mobilizing remittances coming into the banking system from migrant Nepalis 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.