NRB asked to ensure easy loans to quake survivors

- Post Report, Kathmandu

Apr 5, 2017-The National Reconstruction Authority on Tuesday instructed the Nepal Rastra Bank to ensure hassle-free concessional and special loans to the earthquake victims for rebuilding houses damaged in the 2015 disaster.

Many of the quake victims have been unable to borrow loans from banks and financial institutions (BFIs), with some of them refusing to disburse loans citing that quota for such concessional loans had been used up. 

The latest NRA move follows repeated pleas from the quake victims, requesting the authority to help facilitate such loans.

The government and the NRA had prepared a set of guidelines in the budget to facilitate such loans for rebuilding the houses damaged by the earthquakes.

As per the budget statement, those who want to build houses on their own will receive up to Rs 200,000, while those opting for loans will get bank financing of up to Rs2.5 million at 2 percent interest in Kathmandu Valley and Rs1.5 million outside the Capital.

Reminding the provision in the budget, the NRA asked the NRB to help for smooth disbursement of concessional loans to the quake victims for reconstruction. Even as several BFIs have released about Rs500 million as special and concessional loans, many quake victims are still complaining about difficulties in getting such loans, said Joint Secretary at the NRA Yamlal Bhusal. “In this context, the NRA instructed the central bank to ease the loan process for the quake victims,” he said, adding that the NRA has also urged the NRB to make changes to the present guidelines for such loans if needed. (PR)

Published: 05-04-2017 08:00

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