Everest Bank could be the
cheapest bank to get loans from, whereas Century Commercial Bank will be the
most expensive, according to the base rate of some 20 banks published till today.
Everest Bank's base rate
stood at 7.04 per cent, followed by Nabil Bank's 7.26 per cent, whereas Century
Commercial Bank's base rate stood at 11.07 per cent, on the basis of base rate
published by some 20 banks, out of the 32 commercial banks.
Of the 20, two banks
have base rate lower than eight per cent, whereas four banks have in between
eight per cent to nine per cent, seven banks between nine per cent to 10 per
cent, and seven above 10 per cent.
"The base rate came
into effect from mid-January, and within the next week, the remaining 12 banks
will also publish their base rates," according to the central bank.
"There could be
some other banks with a base rate lower than that of Everest Bank,"
according to a banker, who opined that the base rate alone may not be enough
for a bank to provide cheap loans. "But the base rate gives an idea on the
minimum interest rate that banks could charge on lending," he said, adding
that a borrower's credit worthiness is equally important for a bank.
Banks cannot extend
loans to borrowers below the base rate now as it is expected to make
credit pricing more transparent. Nepal Rastra Bank (NRB) has now made it
mandatory for all commercial banks to fix lending rates based on base rate that
will set the floor for credit rates and give borrowers a basic idea on how
cheap they can get credit for.
"However, banks can
add a minimum premium upto 0.75 per cent on the base rate depending on the quality of collateral,
and risk of the loan and borrower," according to a top official at NRB.
"If a borrower has
a safe collateral like government bonds and also for priority sectors
identified by the government, banks may not add any premium," he said,
adding that the central bank wants the stability of the base rate regime, and
won't interfere in the lending rate at present.
Technically, the banks
will now publish the base rate regularly.
NRB had asked commercial
banks to calculate the base rate — as reference rate — for lending on the basis
of five indicators; cost of fund, Cash Reserve Ratio, Statutory Liquidity
Ratio, operational cost, and Return on Assets, to make the interest rate regime
transparent for borrowers.
The base rate will
ensure the stability of the monetary market in the current volatile situation
as interest rates are fluctuating and could hit the sustainability and
long-term stability of the financial system, according to the central bank.
Though NRB had asked the
banks to implement the base rate before Tihar, bankers wanted some more time
for calculation and study on its sustainability.
Banks — Base rate
Everest Bank — 7.04 per
cent
Nabil Bank — 7.26 per cent
Himalayan Bank — 8.23
per cent
Bank of Kathmandu — 8.29
per cent
Nepal SBI Bank — 8.76
per cent
Citizens Bank
International — 8.92 per cent
NB Bank — 9.26 per cent
NMB Bank — 9.32 per cent
Sunrise Bank
— 9.5 per cent
Global IME
Bank — 9.58 per cent
Mega Bank —
9.75 per cent
Bank of
Asian Nepal — 9.79 per cent
NCC Bank —
9.81 per cent
Commerz and
Trust Bank — 10.14 per cent
Janata Bank
— 10.29 per cent
Siddhartha
Bank — 10.30 per cent
Machhapuchhchhre
Bank — 10.34 per cent
Sanima Bank
— 10.36 per cent
Grand Bank —
10.53 per cent
Centuray
Commercial Bank — 11.07 per cent
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