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Vehicle Loan

Owning a vehicle is becoming a need for every citizen of Nepal. Vehicle used to be luxury for most of the people but now-a-days it is becoming necessity for all people. From working class people to professionals and for businessman, having own vehicle is basic need. For catering the need of customer, the product aims at providing vehicle loan for purchasing new or financing of old vehicles. 

Purpose

  • Financing on vehicle for personal or business use

Features

1. Type of finance

  • For new vehicle for personal use
  • For new vehicle for business use
  • Financing on second hand vehicle (more than 10 years old vehicle shall not be accepted)

2. Eligibility

  • Petrol/Diesel Vehicle: 50% of the price
  • Electric Vehicle: 80% of price
  • Second Hand Vehicle: 50% of valuated amount by listed valuator.  

                  However quantum of loan shall be guided by the guidelines of NRB from time to time

3. Target Customer

  • Individuals & Business Houses

4. Interest rate: Competitive interest rates. Click here

5. Collateral

  • The proposed vehicle. Other additional security may be required on case to case basis

6. Nature of Facility 

  • Non-revolving facility.

7. Tenure

  • For new vehicle: 7 years
  • For second hand vehicle: 5 years (total life of vehicle shall be assumed as 10 years and remaining period shall be maximum tenure.)

8. Repayment Modality

  • Monthly/Quarterly installment

Required Documents

  • Duly filled loan application form of bank
  • Photograph and copy of citizenship of applicant and the guarantors
  • Income source documents
  • Firm/Partnership/Company registration letter, if applicable
  • Detail net worth of the guarantors
  • Other related document as necessary

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