ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED

Special Rebate 2.0

Your Partner for Growth and Security

Special Rebate 2.0

Royal Insurance Corporation of Bhutan Limited (RICB) is pleased to announce the launch of Special Rebate Scheme 2.0 to help eligible borrowers settle legacy, long pending NPL cases, charged-off, and selected high-risk loan accounts through attractive rebates on an outstanding interest and, in some cases, principal outstanding, with benefits determined based on the loan type, recovery prospects, collateral position, and approval by the competent authority, while also supporting RICB’s efforts to improve loan recovery and asset quality:

  1. Available Rebate Schemes
  1. Scheme I: 100% Interest Rebate

Eligible borrowers may receive a 100% waiver of outstanding interest upon full upfront cash settlement of the loan. Eligible for all charged off loans sanctioned prior to 2019.

  1. Scheme II: 10% Principal Rebate and 100% Interest Rebate

Eligible borrowers may receive a 10% rebate on outstanding principal together with a 100% rebate on outstanding interest. For further information on eligibility, please contact the concerned officials as mentioned.

  1. Scheme III: 50% Principal Rebate and 100% Interest Rebate

Borrowers may receive a 50% rebate on outstanding principal and a 100% rebate on outstanding interest where they have been officially declared as deceased or imprisoned, and untraceable by the relevant authority.

  1. Scheme IV: Loan Transfer to a New Viable Borrower

Borrowers transferring eligible loans to a financially viable new borrower may receive a 30% rebate on outstanding interest.

  1. General Conditions;
  2. Any loan transfer shall comply with the Corporation’s prevailing Credit Policy, credit norms, and delegated authority.
  3. The 50 basis point (0.50%) interest concession granted to the new borrower under Scheme IV shall be withdrawn and recovered if the transferred account becomes non-performing within twelve (12) months from the date of transfer.
  4. For the purpose of this Scheme, interest outstanding shall include accrued interest, FEIF, IPS, and late fees.
  5. Any repayment received shall be appropriated in the following order of Late fees, Interest outstanding; and Principal outstanding.
  6. Loans originally sanctioned prior to December 2019;
  7. Principal rebates under Schemes II and III shall be available only to borrowers who settle their accounts on or before 30 September 2026. Thereafter, only the applicable interest rebate may be considered.
  8. For Scheme III, where collateral or other recoverable assets exist, recovery efforts will first be pursued. Any rebate will apply only to the remaining deficit balance after the realization of such assets.
  9. Schemes I to IV shall apply only where the borrower makes an upfront cash settlement in accordance with the approved terms.
  10. Under Scheme IV, the incoming borrower may qualify for an interest rate concession of 0.50% (50 basis points) from the prevailing lending rate, provided the account remains regular for a continuous period of twelve months.
  11. Eligibility under each scheme, please contact Remedial Unit.
  12. In respect of active loan accounts, the applicable scheme shall be determined and approved by the Management.
  13. Management shall determine the most appropriate scheme for each eligible borrower after consideration.
  14. Submission of an application under this Scheme shall not constitute approval. Each application shall be subject to detailed assessment and approval by the appropriate authority.
  15. The Corporation reserves the right to approve, modify, or decline any application under the Scheme based on documented eligibility, recovery analysis, legal considerations, delegated authority, regulatory requirements, and the best commercial interests of the Corporation.
  16. The last day to apply for the Scheme shall remain 15th December 2026.
  17. Application Process

Eligible borrowers are encouraged to contact their nearest RICB Branch Office or the Remedial Unit at Head Office to discuss eligibility and application requirements.

For further information, please contact:

Remedial Unit, RICB

  • Mr. Jambay Wangchuk (Head): 17620450
  • Mr. Gembo Dorji: 17980812
  • Mr. Lungten Drala: 17697003
  • Mr. Rinzin Namgay: 17772186
  • Ms. Nidup Wangmo: 17910550

RICB remains committed to working with borrowers toward practical and mutually beneficial loan settlement solutions, while maintaining prudent credit and recovery practices.

Management