A demand loan is a loan that a lender can require to be repaid in full at any time. This condition is understood by the lender and the borrower from the outset. Borrowers like the convenience and flexibility associated with demand loans because they can repay them in full or in part at any time, without penalty.
Last Updated Date: May 17, 2022
With the vision to become a Leading Bank of the country by providing premium products and services to the customers, thus ensuring attractive and substantial returns to the stakeholders of the Himalayan Bank was established in 1993. The most recent rating of Himlayan Bank Limited by Bankers’ Almanac as country’s number 1 Bank easily confirms their claim and to become the Bank of first choice is the main objective of the Bank. The mission of this Bank is to become the preferred provider of quality financial services in the country. There are two components in the mission of the Bank; Preferred Provider and Quality Financial Services; therefore at HBL they believe that the mission will be accomplished only by satisfying these two important components with the Customer at focus. The Bank always strives positioning itself in the hearts and minds of the customers. Legacy of Himalayan Bank lives on in an institution that's known throughout Nepal for its innovative approaches to merchandising and customer service. Products such as Premium Savings Account, HBL Proprietary Card and Millionaire Deposit Scheme besides services such as ATMs and Tele-banking were first introduced by HBL. Other financial institutions in the country have been following HBL’s lead by introducing similar products and services.
Documents Required for Demand Loan
A demand loan is a loan that a lender can require to be repaid in full at any time. This condition is understood by the lender and the borrower from the outset. The arrangement has advantages for both parties. Lenders like the reassurance of being able to demand repayment, whether to pursue other investments or simply to recover their principal. Borrowers like the convenience and flexibility associated with demand loans because they can repay them in full or in part at any time, without penalty. It has an open-ended repayment schedule. Borrowers can repay the borrowed amount anytime when they have a surplus amount. But they are subjected to repay the entire loan amount anytime on demand of the lender. Demand loans are sanctioned by banks or financial institutes against some kind of security as goods or stocks, shares, land building, or any other assets. In demand loans, there is no such penalty for pre-payment which is normal to other loans with a fixed lock-in period. Borrowers use demand loans for many purposes, including:
There are some benefits demand loan offers that prove helpful to the borrowers to opt for this loan. Those benefits of demand loan are as follows:
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