Nigat Business - Women Entrepreneur
This account is intended for women engaged in businesses in which they will be entitled to credit facilities for working capital, purchase of equipment, vehicle and commercial building depending on their saving amount.
Features and Benefits
• The customer shall maintain both saving and current account simultaneously; the latter being used for check payment.
• Higher interest rate will be calculated on the saving account. • For working capital, the account holder should initially deposit 20% and additional 20% over a period of 6 months or more. Then, the Bank shall provide loan for the remaining 60% against a collateral or guarantee of NGOs that work for women economic empowerment.
• To acquire vehicles and machineries or equipment, the account holder should initially deposit 20% and additional 20% should be saved over a period of one year or more and then, the Bank shall provide loan for the remaining 60% of the value.
• To acquire business premises, the account holder should initially deposit 10% and additional 20% should be saved over a period of one year or more and then, the Bank shall provide loan for the remaining 70% of the value.
• The interest rate for the loan is as per the Bank’s credit terms and tariffs.
• The financed assets shall be held as collateral.
• For those women who are not able to meet the minimum saving amount and lack collateral backing, the Bank will provide finance for working capital against NGOs guarantee at least equivalent to 80% of the loan.
• The repayment period of the loan is 1-3 years for working capital, 5-7 years for equipment and vehicles and 5-10 years for commercial building
All the requirements for account
opening and credit facilities stipulated in the Bank’s procedures will also apply.