February 6: Nabil Bank has launched SME Lending Product, “Nabil Sajilo Express Karja (NSEK)”, based on Credit Score Card Model with an aim to speed up the credit decision making process. Under this scheme, the bank provides risk-based pricing with maximum interest rate of 10.50 percent through simplified and quicker processing.
The banks said in a statement that NSEK was launched from Province 3, Kathmandu on December 23, 2019 and from Province 5, Bhairahawa on January 31, 2020 with an intention to introduce the product in seven provinces of the country.
Nabil Bank said it successfully launched Nabil Sajilo Express Karja at Province 1 in an event organized in Itahari on February 5.
During the launch, CEO of Nabil Bank. Anil Keshary Shah said, “NSEK is designed to cater to the requirement of SME segment residing in different parts of the country. We understand and value the time and dream of business of our customers. That is why we aim to provide access to our offering from every corner of the country. Hence, we shall be the first choice of the SME clients by offering innovative products like NSEK, which will make the credit processing quicker, easier and simple.”
Nabil Bank and Sakchyam Access to Finance of UK Aid has been working together on enhancement of SME segments; an outcome of which was Nabil Sajilo Karja (NSK) launched on March 7, 2019.
With the success of the product, Nabil Bank launched the new product, Nabil Sajilo Express Karja which is upgradation of the existing NSK.
“This is the first time a bank in Nepal has used a credit scoring approach to make credit approval and pricing decision for SME clients, with competitive interest rate catering loan size from up to Rs 7.5 million. This product is designed to deliver a very quick decision on borrower’s credit application where the approval will be provided to the client within 35 hours of the submission of the application,” the statement added.
The newly introduced product provides a smart package of free transaction alert services, free monthly bank e-statement delivery, free issuance of credit card to the key person of the business with an assured turnaround time of 35 hours (upon submission of complete required documents).