Kathmandu: Rastriya Banijya Bank Limited has launched a new loan product, ‘Province-Specific Agricultural Loan,’ as part of its ‘One Province One Special Program.’ This initiative aims to promote the development of the agricultural sector across all provinces in Nepal by offering loans of up to NPR 50 million based on the specific agricultural products of each province.

Nepalese citizens aged between 18 and 65, who are legally registered in a firm or company engaged in agriculture, are eligible to apply for the loan. The program focuses on supporting distinct agricultural products in each province: cardamom in Koshi Province, fish farming in Madhesh Province, poultry in Bagmati Province, fruits in Gandaki Province, livestock in Lumbini Province, herbs in Karnali Province, and banana cultivation in Sudurpaschim Province.

The loans, offered under the Agricultural Loan Directive 2069 (with amendments), will be available for a maximum period of 10 years. The interest rate will be set at the base rate plus a 0.50% premium, and the bank will invest up to 70% of the total commercial assets in the agricultural projects. The agricultural project itself will serve as collateral, though additional collateral such as land and property may also be accepted if necessary. The loan will be insured, and the service will be available through all branch offices of the bank across the country.

Currently, Rastriya Banijya Bank operates in all 77 districts of Nepal, with 294 branch offices, 312 ATMs, 99 branchless banking services, 73 extension counters, and other modern banking services, including Internet and mobile banking.

This program is expected to boost agricultural development and financial inclusion in rural areas, supporting farmers and agricultural entrepreneurs across Nepal.