KATHMANDU, JANUARY 28: Nabil Bank has launched a new product- “Nabil Skilled Migrant Entrepreneurship Loan (NSMEL)”- targeting returnee migrants. The product was launched by the Chief Guest as well as the Minister of Labor, Employment, and Social Security. Sarat Singh Bhandari in the presence of Secretary of the Labour Ministry, Kewal Prasad Bhandari, and Upendra Prasad Poudyal, Chairman of Nabil Bank, among other delegates, in the recent program.
According to the bank, the NSMEL is designed to offer vital financial assistance to returnee migrants and their families, facilitating the establishment and growth of their businesses, and thereby promoting entrepreneurship and income-generating activities.
During the event, Chief Guest Minister Bhandari said that the bank providing easy, accessible and subsidized loans to returnee migrants is praiseworthy..”
He further said that the government is working closely with the private sector to motivate more Nepalese settled abroad to return home and start businesses.
Kewal Prasad Bhandari, Secretary of the Ministry of Labour, said that the government is taking various initiatives to utilize the capital and skills of Nepalis who have returned to Nepal and Nabil’s product will further help them transform their skills into enterprise.
Chairman Poudyal underscored the bank’s sustainability journey, emphasizing its dedication to environmental, social, and economic sustainability. “The launch of ‘Nabil Skilled Migrant Entrepreneurship Loan’ represents a significant two-year milestone in sustainable banking, expanding Nabil Bank’s range of products that support local economies and small businesses,” he informed. He informed about the bank’s initiative aimed at fostering the sustainable growth of the nation.
Also speaking on the occasion, Gyanendra Prasad Dhungana, CEO of Nabil Bank, emphasized the pivotal role of labour migration in shaping the country’s socio-economic landscape. He further said, “The ‘Nabil Skilled Migrant Entrepreneurship Loan’ addresses the financial hurdles faced by returning migrants, aiding their reintegration into the community.” He believed that the product would provide support during the transition back to Nepal in financing while Nabil School of Social Entrepreneurship will help acquire returnees to learn required knowledge to start enterprises.
According to the bank, the NSMEL is designed for income-generating activities or enterprises that offer flexible features such as a loan limit of up to Rs. 100 million for a tenure of up to 10 years. The interest rate for the product is 1.50% over the base rate. In addition to that, the approval process for the loan takes a minimum of 3 to 5 days to ease and facilitate returnee migrants.
