Loan repayment period for tourist standard hotels to get extended by 2 years

28th Jul, 2020 | Tourism Mail Crew

KATHMANDU, July 28: Nepal Rastra Bank has made an arrangement for the tourist standard hotels from which the loan repayment period can be extended by two years.

Provision has been made to extend the grace period from COVID-19 to the highly affected areas for 1 year, to the medium affected areas for 9 months and for the least affected areas to 6 months. The NRB has classified tourism industry (hotels, restaurants, trekking/travel agencies, home stay and resorts), aviation and transportation, entertainment hubs, poultry farming, bee-keeping and livestock farming and foreign employment recruiting agencies as sectors highly affected by COVID-19. Likewise, NRB has made provision to extend the loan repayment period for  tourist standard hotels by 2 years.

In this regard, the banks and financial institutions will have to formulate working procedures for the extension of grace period and get it approved and implemented by the Board of Directors. NRB has made such arrangement as a relief for Covid-19.