Kathmandu: Nabil Bank, the nation's pioneering private sector bank, has launched 'Nabil Skilled Migrant Entrepreneurship Loan (NSMEL)' targeting to returnee migrants today. The product was launched by Chief Guest Hon’ble Minister Sarat Singh Bhandari, Ministry of Labor, Employment, and Social Security with the presence of Secretary of the Labour Ministry Kewal Prasad Bhandari, Upendra Prasad Poudyal, Chairman of Nabil Bank among other delegates in the program.
According to the bank, this initiative is designed to offer vital financial assistance to returnee migrants and their families, facilitating the establishment and growth of their businesses, thereby promoting entrepreneurship and income-generating activities.
During the event, Chief Guest Hon’ble Minister Bhandari highlighted the government's initiative to curb brain drain and encouraged youths to return home and be part of positive change. He further emphasized that the government is working closely with the private sector to motivate more Nepalese settled abroad to return home and start businesses. Stating that Nabil Bank’s initiative in introducing such program is praiseworthy, he said, “Financial support is the key support in establishing business and the commitment that Nabil Bank is making on to providing easy, accessible and subsidized loan to returnee migrants will definitely help on the government’s drive to returning youths to home country.”
Kewal Prasad Bhandari, Secretary of the Ministry of Labour, said that departure of Nepali youths for foreign employment makes headline in the media whereas the data of the returnee migrant workers will not be talked about. “In this scenario, the product launch of Nabil Bank targeting to returnee migrants is praiseworthy,” said Secretary Bhandari. He also informed 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 of Nabil Bank 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.
Furthermore, Gyanendra Prasad Dhungana, CEO Nabil Bank, emphasized the pivotal role of labor 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 will 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.
Features of Loan scheme
According to the bank, the loan is designed for income-generating activities or enterprise that offers flexible features such as loan limit up to Rs. 100 million for a tenure of up to 10 years. The bank provides the lucrative interest rate for the product which is 1.50% over base rate. In addition to that, Nabil boasts for an efficient approval process of loan from minimum of 3 to 5 days to ease and facilitate returnee migrants.
The bank believes that the loan scheme plays vital role in addressing the unique financial needs of returning immigrants, promoting entrepreneurship through their acquired knowledge and expertise. By actively participating in national development efforts, Nabil Bank aims to create an environment that nurtures returning migrants in pursuing their business goals and contributing to the country's economic growth.
Amit Shrestha, Chief of SME, MF, and Sustainable Banking said, “The initiative underscores Nabil Bank's commitment to supporting the entrepreneurial aspirations of returnee migrants and their families. This customized loan offering, designed to catalyze entrepreneurial initiatives, is geared towards fortifying the local economy, creating employment opportunities, and contributing to the holistic development of Nepal.” He further added that the product places a strong emphasis on nurturing social entrepreneurship, fostering job creation, and promoting the growth of micro, small, and medium-sized enterprises (MSMEs). It actively encourages the purposeful utilization of remittances, involves idle family members in meaningful work, and is aligned with national development objectives.
The program was also attended by Bimal Prasad Baral, Under Secretary, Ministry of Industry, Commerce & Supplies, Gunakar Bhatta, Spokesperson for NRB, Guru Paudel, Executive Director of NRB, and dignitaries from various development sectors, government agencies, media and from the bank.
Nabil Bank is one of the leading commercial banks of Nepal. The bank has 266 branch networks, 22 extension counters with 313 ATM machine services along with above 1.8 million customer base across the country.
