If the family member of a client wants to go abroad for employment then the client can apply for this loan provided that then client is enrolled in the program for the last one year and has a good track record of credit and saving in the center
Last Updated Date: May 17, 2022
With the vision to become a Leading Commercial Bank with Pan Nepal presence and become a household name by providing a wide range of financial products and services under one roof, the A Class Commercial Bank “Everest Bank Limited (EBL)” was Founded in 1994. This Bank has been one of the leading banks of the country and has been catering its services to various segments of the society and has been servicing more than 7.5 lacs customers. The mission of this Bank is “Growth through Banking for ALL” and this Bank has helped to develop the nation corporately, agriculturally & industrially. Owing to its performance during the year 2012-13, the Bank earned many laurels & accolades in recognition of its service & overall performance. Recently,EBL was awarded with “IDRBT Banking Technology Excellence Award” under Customer Management & Intelligence Initiatives. The Bank also bagged the “Golden Peacock Business Excellence Award 2013” by the Institute of Directors. Similarly, the Bank was recognized as ‘Best Public Sector Bank‘ by CNBC TV 18. The bank has now more than 7,000 branches and 8,500 ATMs spread all across India. As a joint-venture partner,EBL has been providing top management support to EBL under Technical Service Agreement. The bank has 95 Branches, 123 ATM Counters, 31 Revenue Collection Counters and 3 Extension Counters across the country.
A foreign currency loan means that you borrow money in a foreign currency. A loan denominated in a currency other than that of the borrower's home country, for which repayment terms are prearranged through the use of a forward currency contract. Foreign currency loan refers to the loan granted by the bank through the self-raising foreign currency fund, including five types of foreign currency, US dollar (USD), Euro (EUR), Japanese yen (JPY), British pound (GBP), and Australian dollar (AUD). Nepal Rastra Bank(NRB) under Section 12 of the Foreign Exchange (Regulation) Act 1962 (2019) issued foreign currency loan to respective categories banks. Under the NRB Circulars the Central Bank has imposed various terms and conditions on foreign loans. The NRB Circulars require the borrower to first attempt to avail of the loan from commercial banks and financial institutions in Nepal. Only in the event the borrower fails to obtain the amount of funds it requires at a competitive rate of interest locally, the borrower can obtain loan from foreign lenders. The key provisions of the NRB Circulars:
A Nepalese citizen can obtain foreign loan for business purpose from his/her relatives residing outside Nepal, non-resident Nepalese or foreign entities, with the approval of the Central Bank.
1. Foreign Banks and Financial Institutions
In the event the Nepalese borrower cannot obtain loan locally, the borrower is first required to attempt to avail of foreign loan from foreign banks and financial institutions.
2. Authorized Finance Companies / Financial Institutions:
Only in the event it becomes difficult to obtain foreign loan from foreign banks and financial institutions, the borrower can obtain loan from any finance company or financial institution which has been authorized to provide loan as per the approval obtained by such finance company or financial institution from their respective government, central bank or any other regulatory authority.
3. Foreign Companies / Entities:
In the event the borrower is unable to obtain loan from the entities the borrower can obtain foreign loan from a foreign company or other entities. In respect of loan from foreign companies / entities-
(i) the financial details of the lending entity certified by its auditor (or audited accounts), (ii) source of funds for the loan, and (iii) schedule for the transfer of loan amount by the lender, an
1. It covers a comprehensive range of usage with main use of meeting customer's demands for foreign currency financing, including enterprises' demands for working capital and for fixed asset investment.
2. According to customer request, its lending interest rate can apply either floating rate or fixed rate. If required, the rate can be swapped from floating rate to fixed rate.
3. Compared with foreign government loans and buyer's credit of foreign banks, our bank's foreign currency loan can be more widely used and help customers purchase equipment and materials from foreign countries.
1. Establish credit relations with the borrower. For enterprise customers of foreign currency loan, sales account manager should conduct admittance criteria examination of the borrower in accordance with our bank's credit rating and relevant regulations on loan.
2. Investigation prior to the loan grant. Sales account manager should conduct comprehensive investigation to loan through field research and other channels based on the status of borrower, guarantor, mortgagor (pledgor) and the mortgage (pledge), specially focusing on such aspects as legality, compliance, safety and profitability.
3. Examination and approval of the loan: loan usage and management.
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