Nabil Bank has launched SME lending product, “Nabil Sajilo Xpress Karja”, based on Credit Scoring model with an aim to speed up the credit decision-making process and provide risk based pricing with maximum interest rate of 10.50% through simplified and quicker processing.
Nabil Bank and UKaid Sakchyam - Access to Finance has been working together on the enhancement of SME segments; outcomes of which were NABIL SAJILO KARJA and NABIL NARI KARJA. With the success of these two SME loan products, Nabil Bank has launched Nabil Sajilo Xpress Karja which is an up-gradation of the existing Nabil Sajilo Karja. Nabil Bank is the first-ever bank in Nepal to use a credit scoring approach to make credit approval and pricing decisions for SME clients with competitive interest rate catering to loan sizes up to NPR 7.5 million. This product is designed to deliver a quick decision on the borrower’s credit application where the approval will be provided within 35 hours of the submission of the application.
Nabil Sajilo Xpress Karja provides a smart package of free transaction alert services, free monthly bank e-statement delivery, free issuance of the credit card to the key person of the business with an assured turnaround time of 35 hours.
During the launch event, Mr. Anil Keshary Shah, Chief Executive Officer of Nabil Bank said, “Nabil Bank is recognized as number one bank in the industry and we want to be number one in SME business, for SME client. Hence, we shall be the first choice for SME clients by offering innovative products like Nabil Sajilo Express Karja which will make credit processing quicker, easier and simple.’ Likewise, Mr. Nirmal Dahal, Team Leader, Sakchyam said ‘Product and process innovation is the key to serving SMEs in an effective way. Nabil’s adoption of the ‘scoring model’ to process loan applications for SMEs will help bring more objectivity in the credit decision making, ultimately benefitting the SME sector in Nepal.’