Global IME Bank Limited has launched the "Global Foreign Employment Tewa Karja Yojana" targeting migrant workers seeking foreign employment opportunities. The bank will provide loans ranging from Rs 50,000 to Rs 1,50,000 without any collateral to labourers intending to work abroad. The interest rate for this loan will be fixed at 12.08%.
Youths above 21 years of age who have obtained labour approval from the Nepali government for foreign employment and maintain any kind of savings account at Global IME Bank will be eligible for this scheme. They can apply for the loan through the IME Pay Wallet, said the bank. The loan will be provided on priority basis to youths bound for popular destinations such as Malaysia, Saudi Arabia, Qatar, Oman, UAE, Japan, and South Korea for foreign employment. The repayment period for the loan is 18 months.