Citizens Fast Track Loan (CFTL) (Term Loan / Overdraft)
The primary objective of the Product is to uplift the living standards of the under- privileged families by providing them financial support at the time of their need. It could be for the purpose of starting up a new business or run their existing businesses in more organized manner or meeting their financial need for any of their family/social need. In simple terms, it is aimed to cater the urgent requirement of cash for under privileged, middle class and lower class families to meet their family, social and/or business requirement by extending loans against mortgage of land (including farm land, if any) and/or buildings in urban, semi urban or rural areas.
|Purpose:||To meet financial requirement of the borrower, both individuals, and business units, for agriculture/business/personal use.|
|Nature:||Term Loan / Overdraft Loan|
|Loan Size:||Up to 500,000.00|
|Tenure:||In case of Term Loan – Repayment period maximum 8 years payable in Equated Monthly Installment.|
|Overdraft:||1 year revolving facility|
|Loan Portion:||Up to 60% of the Derived Value# of the collateral security|
*Freehold agriculture land is also acceptable.
#Derived Value will be the minimum of: 5 times the government value for properties located at VDC / 3 times the government value for properties located in municipalities and/or 60% of the Market Value ascertained by the Bank and/or Fair Market Value provided by an authorized valuator of the bank,
- All Self employed Nepalese Citizen engaged in micro businesses, entrepreneurs or having other reasonable source of income.
- Any business unit in operation, having PAN no., and registered with any government entity, including Gaunpalikas and Municipalities.
- The applicant must be at least 18 years and should not exceed 60 years at the time of maturity.