By Our Reporter
In line with the government initiative to provide a subsidized loan to promote entrepreneurship in the deprived sectors, NMB Bank has announced the launch of eight loan products in its Micro Finance portfolio under the umbrella of ‘NMB Interest Subsidy Loans’.
In a press release issued on Monday, it is stated that the eight loan types offered, seven of the loans are ‘Collateral free’ and provides enterprising individuals the opportunity to pursue a future of sustainable growth whereas the eighth loan products, NMB Agrani Mahila Krishi Karja is a new and unique product. It offers loan unto Rs 1.5 million to women farmers for purchase of agriculture inputs, with 6% subsidy on interest and further tops off with zero processing charge to the sectors identified by the government, the statement says.
Simultaneously, NMB Bank is for the first time in the country launching a savings product with insurance coverage against 18 critical illnesses, accidental death and permanent total disability, according to the statement. NMB Sahara Bachat Khata offers a high interest on savings and comes with NMB Delight Card which allows FREE withdrawal from any ATM across the country and reduced withdrawal charge of Rs 150 for ATM transactions in India.