Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Along with increasing the interest rate on deposits, commercial banks have also increased the interest rate on loans. Banks that offered 15 percent interest on deposits have set interest rates as high as 17 percent on loans. Banks have increased the loan interest rate to 17 percent since September 17.
The interest rate of both deposits and loans has increased after the Nepal Bankers Association opened to increase the interest rate after March 15.
The base interest rate of commercial banks is 10.73 percent. Many banks have a base rate of less than 9.63 percent. The Nepal Rastra Bank has given the facility to add up to 8 percent premium to the base rate while taking a loan from the bank. On this basis, the maximum interest rate of 17.73 percent will be charged while taking a loan from the bank.
Everest Bank 8.92, Standard Chartered Bank 8.4, Nepal Investment Bank 9.02, Agriculture Development Bank 8.9, Rastriya Banijya Bank 7.86, Global IME Bank 9.4, Siddharth Bank 9.5, Nepal Bank 8 .39, Sanima Bank 9.02, Prabhu Bank 9.42, Nabil Bank base rate is 8.77 percent. The base rate of Civil Bank is 10.73 percent.
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