NIC Asia Bank Introduces Concession Program to Provide Relief to Customers Amid Economic Slowdown

NIC Asia Bank has introduced various concession programs to mitigate the impact of the economic slowdown on its loan customers. The bank announced that if borrowers with overdue loans as of the end of Chaitra repay the entire loan amount by the end of Jestha, they will receive a 100% waiver on penalties and fines. Additionally, different concessions on regular overdue interest amounts have been arranged.

The bank has stated that a 15% concession will be provided on regular interest amounts for loans overdue from 91 to 180 days. Similarly, a 25% concession will be given for loans overdue from 181 to 365 days, and a 35% concession for loans overdue for more than 365 days.

Customers with monthly and quarterly installment loans, working capital loans, and other revolving loans affected by the economic slowdown can also benefit from this scheme, the bank said in a press release announcing this special concession plan.

The bank mentioned that this concession scheme was introduced in the larger interest of the national economy during this extraordinary time. According to the bank, this attractive interest concession for borrowers aims to address the urgent need for all stakeholders to contribute in their own way. The bank believes that this will help reduce the financial burden on customers affected by the economic slowdown and contribute to the overall recovery and sustainable strengthening of the country's economy.

Under this scheme, the bank aims to assist its customers in fulfilling their financial obligations in an accessible and convenient manner. Customers who wish to benefit from this scheme must repay their entire loan amount within the month of Jestha. The bank stated that this scheme is a significant step to reduce the financial burden of customers facing economic crisis.

By introducing this scheme, NIC Asia Bank has also fulfilled its social responsibility. The bank is making efforts to support its customers and improve their financial situation. This step by the bank is expected to boost customers' morale and make them financially capable.

This concession scheme will enable the bank's customers to experience financial security and increase their trust in the bank. It will further strengthen the relationship between the bank and its customers. In times of economic slowdown and crisis, such a step will steer the country's economy towards recovery.

Such a scheme will also inspire other banks and provide a positive direction to the overall financial sector. NIC Asia Bank believes that this decision will strengthen the country's economic sector.