Nabil ‘acceptable’ financial aide

KATHMANDU: The Department of Immigration and Citizenship’s National Office in Canberra, Australia has chosen Nabil Bank Ltd — as one of the ‘acceptable financial institutions’ to arrange necessary funding in the form of education loans to all Nepali students who wish to pursue their further studies in Australia — after revising the list of ‘acceptable financial institutions’ in Nepal. “The bank also feels that this has presented a great opportunity to contribute towards ensuring a brighter future for all Nepali students who wish to pursue their studies in Australia so that they are able to enhance their knowledge base and contribute for the betterment of the country,” said a press release. The bank has also reduced its existing service fees, prepayment fees and commitment fees by half from existing one per cent to 0.5 per cent. Prepayment fees and commitment fees will be applicable only if loan is prepaid or not fully utilised. “Nabil has also introduced a moratorium period of four years so that parents/sponsors will be at relative ease in meeting monthly EMI obligations by only servicing interest payments during that period,” said the bank, that is planning a separate unit in its New Road branch so that students can avail complete package of student loan services from one location in Kathmandu valley. — HNS

New team at NFCA

KATHMANDU: Ram Shant Shrestha is elected president of Nepal Finance Companies Association (NFCA) — a forum of 78 finance companies — for the next two-year term. Similarly, Rajendra Man Shakya, Achyut Raj Sapkot and Anil Dhungel are elected as vice-president, general secretary and tresurer in the new team. CEOs of NMB Bank Upendra Poudel and Kist Merchant Banking and Finance Kamal Gnawali are the advisors of NFCA, said a press release issued by NFCA. — HNS