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Nepal govt. amends provision for loan to boost income of quake-hit

KATHMANDU: Nepal government has made new provisions of providing concessional loans to the earthquake affected people for income generating activities aiming at improving their livelihood.
Amending the Integrated Procedures related to interest subsidized concessional credit, the government has made this additional facility to victims of earthquake.
Earlier, the government was offering such concessional credit facilities for reconstructing private households only.
As per the new provision, apart from the concessional credit for reconstructing private houses, earthquake affected households will get interest subsidized credit under one category of the various types of credit facilities offered by the government.
Currently, the government is providing concessional loans under various schemes which include commercial agriculture and livestock credit, educated youth self-employment credit, foreign employment returnee’s project credit, women entrepreneurs credit, Dalit Community Development Credit and high and technical and vocational education credit.
Besides, the government has also clarified about the collateral of the concessional loan taken by earthquake victims to reconstruct their private houses.
As per the new provision, the bank and financial institutions have to provide credit to beneficiaries accepting the land and the house being reconstructed or rehabilitated as the collateral of the private house loan.
This will ease the access of earthquake victims to the bank credits.
The government has removed the mandatory provision of personal account number (PAN) for taking concessional bank credit facility for reconstructing private house of the earthquake victims.

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