• Thursday, 6 May 2021

Cooperatives permitted to take 1% charges in loan investment

Published Date : December 8, 2020

KATHMANDU, Dec 08: The cooperatives have been permitted to take only one per cent additional fee while providing loans.

The Department of Cooperatives has taken this decision to be effective from upcoming 4 January 2021.

The department fixed this provision as cooperatives were reportedly taking additional charges in the name of service charge and others.

According to Department’s official Shova Ghimire, the meeting held on Monday took this decision.

Similarly, the cooperatives could not charge over 14.75 per cent interest rate in their loan investment.

However, the cooperatives could charge 1.5 per cent additional charge on loan investment on the basis of collective guarantee through creating groups.

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