EPF borrowers to get 10 per cent waiver on interest

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Kathmandu, April 11

The depositors who’ve obtained loans from the Employees Provident Fund (EPF) will get 10 per cent waiver on curiosity for 4 months.

All sorts of debtors who’ve borrowed cash from the EPF as residence mortgage, home restore mortgage, schooling mortgage or different revolving loans will get 10 per cent waiver on curiosity from March 14 to July 15.

This facility is being offered by the EPF to supply aid to its debtors throughout this disaster attributable to the coronavirus pandemic.

Rajendra Kafle, joint administrator of EPF, stated that the fund has additionally determined to increase the time to pay the pursuits by one month after the completion of the continued fiscal yr. This signifies that if any borrower has to pay their mortgage pursuits by July 15, then they will now pay the mortgage pursuits by August 15.

Kafle, nonetheless, stated that they’re nonetheless having discussions on whether or not to supply the one-month extension to each particular person and institutional debtors or solely to institutional debtors.

“We will quickly take the ultimate determination on the modality.”

He additional stated that the choice can even handle those that had taken loans from the fund earlier than the federal government imposed the nationwide lockdown.

“We hope the debtors will profit from our determination as a lot of the companies and different actions are nearly at a standstill now.”

In addition, it has determined to pay Rs 200,000 in compensation to any common depositor who dies as a result of coronavirus.

The EPF has determined to place deaths as a result of coronavirus below an identical class as an unintentional loss of life.

The EPF is Nepal’s largest monetary establishment with a wealth of Rs 346 billion and has been operating numerous schemes for its 600,000 prospects.

To diversify its funding in numerous sectors, the government-owned organisation has offered greater than Rs 190 billion in loans to the contributors below totally different headings.

A model of this text seems in e-paper on April 12, 2020 of The Himalayan Times.

The submit EPF debtors to get 10 per cent waiver on curiosity appeared first on The Himalayan Times.

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