The Ministry of Industry, Commerce and Supplies, Department of Industry has called for proposals seeking a loan for startups in Nepal.
The industry department has requested startups to apply for loans from the government. Such companies can receive up to Rs 25 lakh in loans at just 3 percent interest, Gorkhapatra has reported.
Such startups must meet the criteria indicated in the Startup Entrepreneurship Loan Treasure Working Procedure, 2079.
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Up to Rs 25 lakh loan for Nepali startups
Entrepreneurs with startups that have innovative skills, knowledge, idea, and capacity can apply for the loan in 21 days. Applications are to be submitted to the Department of Industry. Companies whose paid capital doesn’t exceed Rs 50 lakh are eligible to apply for the state loan.
The Rs 25 lakh loan comes at just a 3 percent interest rate for 7 years which is a highly concessional facility for aspiring companies. Further, the loan can be applied for with or without collateral while the applicants can place their own business as collateral.
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How to apply for startup loan in Nepal?
The applicant can apply for a startup loan in Nepal at the Department of Industry or the mail address email@example.com.
The application must have other supportive documents including the applicant’s company or registration certificate copy, a copy of PAN, tax filing, and a copy of the citizenship of the company’s official representative. It is required that all these documents are sent in one file in PDF format.
One startup company can only apply for one loan.