We have summoned all the banks from Ka Barga/ Class A on their auto loan services and the details of the process. All the 27 banks from Class A/ Ka Barga Banks provide auto loans.
Table of Contents
NAME OF THE AUTO LOAN | PARTICULARS | FEATURES |
AUTO LOAN (PRIVATE NEW VEHICLE) | Purpose | Purchase of New Vehicle (private) |
Loan Tenure | 2-7 Years | |
Bank Financing | Up to 50% of quotation price (for personal use vehicle) Up to 80% of quotation price (for electric vehicle) | |
Interest Rate | 10.85% for 5 Years and 12.85% for 7 Years (Personal Vehicle: Fixed Rate) 11.08% for 5 Years (Electrical Vehicle: Fixed Rate) Base Rate + 2.55 to Base Rate + 3.16 for 5 Years (Private vehicle: Floating Rate) Base Rate + 3.55 to Base Rate + 4.16 for 7 Years (Private Vehicle: Floating Rate) Base Rate + 2.01 to Base Rate + 4.16 (Electric Vehicle: Floating Rate) | |
Fees and Charges | As per Bank Charges | |
AUTO LOAN (BUSINESS) | Purpose | Purchase of New vehicle (For business use) |
Loan Tenure | 2-7 Years | |
Bank Financing | Up to 65% of the quotation price | |
Interest Rate | 10.85% for both 5 Years and 7 Years (Fixed Rate) Base Rate + 2.55 to Base Rate + 4.16 for 5 Years (Private vehicle: Floating Rate) Base Rate + 3.55 to Base Rate + 4.16 for 7 Years (Commercial Vehicle: Floating Rate) | |
Fees and Charges | As per Bank Charges |
Eligibility
Documents Required:
(Effective from 15th May 2021)
NAME OF THE AUTO LOAN | PARTICULARS | FEATURES |
VEHICLE LOAN | Purpose | Purchase of new and/or vehicle for both commercial and residential use |
Loan Tenure | Up to 7 Years | |
Interest Rate | 9.50% | |
Fees and Charges | As per Bank Charges | |
HIRE PURCHASE LOAN | Purpose | Purchase of public vehicle and heavy equipments |
Loan Tenure | 5 Years | |
Interest Rate | 9.50% | |
Fees and Charges | As per Bank Charges |
PARTICULARS | FEATURES |
PURPOSE | To purchase new and old vehicles / heavy equipment for business purposes |
FACILITY TYPE | Term Loan, non-revival of nature |
LOAN TENURE | Maximum Up to 7 Years, no loan renewal |
BANK FINANCING | Depending on the source of income up to a maximum of 80% of the gross proforma invoice or quotation value of the vehicle or as specified by NRB from time to time |
INTEREST RATE | Competitive Interest Rate. |
FEES AND CHARGES | As per Bank Charges |
Eligibility
Nepali citizens, persons/firms/partnership firms/companies registered with the concerned bodies
Documents
NAME OF THE AUTO LOAN | PARTICULARS | FEATURES |
NEW VEHICLE (PRIVATE) | Purpose | Purchase a new private vehicle |
Facility Type | Equated Monthly Installment (EMI) based Loan | |
Loan amount | Up to NPR. 0.8 Crore. | |
Loan Tenure | Up to 7 Years | |
Bank Financing | Up to 50% of the VAT bill | |
Interest Rate | Up to 7% | |
Fees and Charges | 0.75% of the loan amount | |
NEW VEHICLE (COMMERCIAL) | Purpose | Purchase a new commercial vehicle |
Facility Type | Equated Monthly Installment (EMI) based Loan | |
Loan amount | Up to NPR. 0.8 Crore | |
Loan Tenure | Up to 5 Years | |
Bank Financing | Up to 70% of VAT Bill and land and/or building with minimum 50% Distress Value covering the loan size | |
Interest Rate | Up to 7% | |
USED VEHICLE (PRIVATE/COMMERCIAL) | Purpose | Purchase a used private or commercial vehicle |
Facility Type | Equated Monthly Installment (EMI) based Loan | |
Loan amount | Up to NPR. 0.3 Crore | |
Loan Tenure | 6 years but age of the vehicle should not exceed maximum seven years at the time of loan maturity | |
Bank Financing | Up to 50% of the value of vehicle at the time of valuation | |
Interest Rate | Competitive Interest Rate. | |
REFINANCE (TERMINATING LINE) | Purpose | To help with refinance of the vehicle |
Facility Type | Equated Monthly Installment (EMI) based Loan | |
Loan amount | Up to NPR. 0.3 Crore. | |
Loan Tenure | Remaining tenure with BFIs st the time of takeover but age of the vehicle should not exceed maximum seven years from the date of registration or at the time of loan maturity | |
Bank Financing | Up to 50% of the value of vehicle at the time of valuation | |
Interest Rate | Competitive Interest Rate. |
Latest tax paid receipt or tax clearance certificate for all income (where ever applicable)
(Effective from 15th May, 2021)
PARTICULARS | FEATURES |
PURPOSE | To offer the ultimate solution to fit your financial needs so that you get the care you deserve |
LOAN TENURE | Up to 5 Years for commercial vehicle and up to 4 Years for electric vehicle |
BANK FINANCING | 50% Pro Forma Invoice (Net of Discounts) for personal vehicles and 80% for electric vehicles |
INTEREST RATE | Base Rate + Premium 0.43% p.a. to 5.00% p.a for Hire Purchase (Personal) Base rate + 1.50% to 3.00% for Hire Purchase (Commercial) |
FEES AND CHARGES | As per Bank Charges |
PARTICULARS | FEATURES |
PURPOSE | Purchasing a new vehicle as well as second-hand vehicle. Also can apply for refinancing from your existing Financier |
FACILITY TYPE | Personalized service |
LOAN AMOUNT | Maximum up to NPR. 1.5 Crore |
LOAN TENURE | Maximum Up to 6 Years |
BANK FINANCING | Minimum 50% of equity contribution |
INTEREST RATE | Competitive Interest Rate |
FEES AND CHARGES | As per Bank Charges |
At least 2 years past audited financials for business income.
NAME OF THE AUTO LOAN | PARTICULARS | FEATURES |
HBL AUTO LOAN (PRIVATE VEHICLE) | Purpose | To be provided to an individual or a group of maximum of two individuals of the same family to cover the cost of personal vehicle |
Facility Type | Fixed Term Loan| Equal Monthly Installment (EMI) | |
Loan Tenure | Up to 8 Years | |
Bank Financing | Depending on the applicant’s loan repayment capacity, the bank may finance up to 80% of the cost of the vehicle | |
Interest Rate | Base Rate + up to 5% | |
Fees and Charges | ||
HBL AUTO LOAN (COMMERCIAL VEHICLE) | Purpose | Provided to an individual or business entity to cover the cost of commercial vehicle/Quarterly basis comprising of Principal and interest amount |
Facility Type | Equal Monthly Installment (EMI) | |
Eligible | Middle and upper middle class individual entrepreneurs running transportation business | |
Loan amount | From NPR. 5 Lakhs to NPR 2 Crores (For Public Vehicle up to 70% of the cost and for construction related heavy vehicle up to 80% of the cost) | |
Loan Tenure | For Public Transportation (Bus, Taxi, Micro Bus, Truck, etc.): Up to 5 Years For Construction related heavy vehicle: Up to 8 Years | |
Bank Financing | May differ on case to case basis; depending on the applicant’s loan repayment capacity | |
Interest Rate | Base Rate + up to 5% |
(Effective 13th Feb, 2021)
NAME OF THE AUTO LOAN | PARTICULARS | FEATURES |
AUTO LOAN | Purpose | Financing on vehicle for personal use |
Facility Type | EMI basis/ paying interest on quarterly basis or on installment payment date | |
Loan Tenure | Maximum 8 Years | |
Bank Financing | Maximum 90% of the value of the vehicle | |
Interest Rate | 9.99% Up to 5 Years 10.99% Above 5 Years | |
Fees and Charges | As per Bank Charges | |
HIRE PURCHASE LOAN | Purpose | Financing on vehicle or equipment of the business |
Facility Type | Equated Installment Basis (EMI/EQI) on a quarterly basis or installment payment due | |
Loan Tenure | Maximum 8 years based on estimated life of the vehicle/equipment | |
Bank Financing | Maximum 80% of the value of the vehicle/equipment | |
Interest Rate | 0.50% to 5% |
Required Documents
Effective From 1st Baisakh, 2078 (14th April, 2021)
Name of the Auto Loan | Particulars | Features |
Vehicle Loan | Purpose | To purchase car / van / jeep/ Multi Utility Vehicles/ Sports Utility Vehicle (non-commercial purpose only) for individual and business concerns |
Facility Type | Term Loan | |
Loan amount | For individuals: 30 times of Net Monthly income or loan amount whichever is lower For business concerns: Need Based | |
Loan Tenure | Up to 7 Years | |
Bank Financing | Natural Person (for personal purpose)- not less than 50% of purchase price of vehicle Electric Vehicle (for personal purpose)- not less than 20% (subject to NRB stipulation) | |
Interest Rate | 11.02% for up to 7 Years 12.02% for up to 10 Years Base Rate + 2.50% to BR + 5.00% | |
Fees and Charges | As per the bank charges | |
Bike Loan | Purpose | To purchase new two-wheeler viz.: Scooter(s), Motor cycle(s) & Scooterrete |
Facility Type | Term Loan. 3 Years on EMI basis | |
Loan amount | For individuals: 30 times of Net Monthly income or loan amount whichever is lower For business concerns: Need Based | |
Loan Tenure | Up to 7 Years | |
Bank Financing | Natural Person (for personal purpose)- not less than 50% of purchase price of vehicle (subject to NRB stipulation) | |
Interest Rate | Competitive Rate | |
hire purchase loan | Purpose | For purchase of vehicles (construction of body thereon) including bus/ truck/ tipper/ tractors/ excavator/ heavy equipments / etc. for commercial purpose |
Loan amount | Need Based | |
Loan Tenure | Up to 5 Years | |
Bank Financing | 50.00% for personal purpose 20%- Electric Vehicle 25% -For public vehicle (with minimum 40 seats), construction, tourism, education, health, and transportation | |
Interest Rate | 11.02% for up to 7 Years 12.02% for up to 10 Years Base Rate + 2.50% to BR + 5.00% |
Eligibility:
For a Vehicle and a Bike Loan: Gross monthly income (Self employed/Business/Salaried & Other income) of borrower along with that of spouse/other family members should be at least double of monthly installment of the loan
For Hire Purchase Loan: An individual, Firm, Private Ltd. Companies, Public Ltd. (subject to Transport Management Directive)
For Individual:
For Business firms/concerns:
Documents:
For a Vehicle Loan:
For a Bike Loan:
For a Hire Purchase Loan:
Effective From: 1st Jestha, 2078 (May 15, 2021)
PARTICULARS | FEATURES |
PURPOSE | Purchase of new/used Private & Commercial Vehicles to individuals as well as business units |
LOAN TENURE | From 1 Year to above 5 Years |
BANK FINANCING | 50% of total value of the vehicle for personal use; 80% for Electric vehicle for personal use and 70% for commercial use vehicle |
INTEREST RATE | 10.50% for 1 Year to 5 Years 11% for Above 5 Years |
FEES AND CHARGES | As per Bank Charges |
Note: Interest Rates on foreign currency deposit, Call Deposit will be provided based on National/ International Market and Demand & Supply for the said funds.
Interest Rate on Loans and Advances are indicative only.
Documents:
(Effective from 15th May, 2021)
Particulars | Features |
Purpose | Purchase of new or pre-owned vehicles for private and personal use |
Loan amount | Maximum: NPR. 0.8 Crore for Purchase of New Vehicle Maximum: NPR. 0.4 Crore for Purchase of used vehicles/ refinance |
Loan Tenure | Up to 9 Years for Purchase of New Vehicle Up to 5 Years for Purchase of used vehicles/ refinance |
Bank Financing | Up to 80% of the VAT bill |
Interest Rate | 7.99 for 1 year 8.99 for 2 years BR + 2.00 onwards |
Fees and Charges | As per Bank Charges |
Documents:
Salaried applicants:
Salary Certificate issued by the Employer stating current monthly salary (gross and net), position, terms of employment (permanent, contract, temporary etc.) and remaining tenure of service.
Pensioners:
Pension Book / Identification.
Rent Income:
Copy of Rental Agreement / Contract supported by Land Ownership Certificate of
the property rented.
Professionals (Medical Practitioners, Engineers and Chartered Accountants):
Copy of academic qualification and certified income statement
Business Income (Self Employed Applicants):
Financial Statements (Balance Sheet, Profit & Loss etc.) of the past 3 years
supported by firm registration certificate and tax / PAN certificate, board
resolution.
For All Vehicle:
Brand New Vehicle:
Used/ Re-financed Vehicle:
Note: that refinance is only applicable for private used vehicle barring pick ups
PARTICULARS | FEATURES |
PURPOSE | Financing to purchase of new/used Private and Commercial Vehicles to individuals and business concern |
FACILITY TYPE | Term Loan payable in EMI |
LOAN AMOUNT | Up to NPR 0.7 Crore for new vehicles Maximum up to NPR 0.4 Crore for used vehicles |
LOAN TENURE | Maximum up to 6 years for private vehicles Tenure: Maximum up to 5 years for commercial vehicles |
INTEREST RATE | Competitive Interest Rate. |
FEES AND CHARGES | As per Bank Charges |
Eligibility:
PARTICULARS | FEATURES |
PURPOSE | Purchasing a new vehicle as well as second-hand vehicle not older than 5 years from the date of the vehicle’s manufacture |
FACILITY TYPE | Term Loan |
ELIGIBLE | Employee /Salaried Persons, Fixed Income Group (Having rental/pensions/property etc) |
LOAN AMOUNT | Instant decision taken by the bank |
LOAN TENURE | As per the feasibility of the bank and the concerned person |
BANK FINANCING | Financing up to 80% of Buying Cost |
INTEREST RATE | Base Rate + up to 6.99 |
FEES AND CHARGES | As per Bank Charges |
PARTICULARS | FEATURES |
PURPOSE | Purchase of vehicles used for both consumer and commercial purposes |
LOAN TENURE | From 5 to 9 Years |
INTEREST RATE | For Commercial: 11.00% Up to 5 years 11.50% From 5 years to 8 years For Consumer: 10.75% Up to 5 years 11.00% From 5 years to 8 years Used Vehicle -1 % higher than the published rates of New Vehicle |
FEES AND CHARGES | As per Bank Charges |
Documents:
PARTICULARS | FEATURES |
PURPOSE | Financing brand new & used private as well as commercial/utility vehicles |
LOAN TENURE | Flexible |
INTEREST RATE | Competitive Interest Rate |
FEES AND CHARGES | As per Bank Charges |
Documents for SME (Small and Medium Enterprise):
o Processing Fee o CICL charge
o Valuation fee
o Royalty and Mortgage Fee
NAME OF THE AUTO LOAN | PARTICULARS | FEATURES |
CCBL AUTO LOAN | Purpose | Fulfilling the dream of having your own car parked in your home |
Eligible | Nepali citizens (individuals) aged between 18 to 70 years at the time of commencement of loan. | |
Loan Tenure | Flexible Loan Tenure: Maximum 7 years including 6 months of moratorium period | |
Bank Financing | Maximum Up To NPR. 2 Crore | |
Interest Rate | Competitive interest rate | |
Fees and Charges | As per Bank Charges | |
HIRE PURCHASE | Purpose | Individuals or Company related to construction, transportation, carrying business can apply for Century Hire Purchase/ Heavy Equipment loan |
Eligible | Nepali citizens (individuals) aged between 18 to 70 years at the time of commencement of loan | |
Loan Tenure | Maximum 5 years including 6 months of moratorium period | |
Bank Financing | Maximum up to NPR 2 Crore | |
Interest Rate | Competitive interest rate | |
Fees and Charges | As per Bank Charges |
Documents:
PARTICULARS | FEATURES |
PURPOSE | Purchase of brand new vehicle and/or used vehicle |
LOAN TENURE | Maximum of 10 years for brand new vehicle and 5 years for used vehicle |
BANK FINANCING | Maximum up to NPR 0.5 Crore |
INTEREST RATE | Up to 5% on Base Rate |
FEES AND CHARGES | As per Bank Charges |
Note: Service Charge: 0.75% on approved loan limit
Eligibility:
Documents:
(Effective from May 15, 2021)
NAME OF THE AUTO LOAN | PARTICULARS | FEATURES |
MBL AUTO LOAN | Purpose | To finance individual customers, business units for the purchase of brand new or second hand vehicles for personal use |
Loan amount | Minimum Up to NPR 500K Maximum Up to NPR 15,000K | |
Loan Tenure | Maximum Up to 8 Years | |
Interest Rate | Plus Up to 7% | |
Fees and Charges | As per Bank Charges | |
MBL HIRE PURCHASE LOAN | Purpose | To finance individual customers, business units for purchase of heavy and light commercial vehicles for commercial use to meet people's/businesses' requirement for transportation of goods, travelling of general public and for use in heavy construction |
Documents required | Evidence of Income Source, Quotation of Vehicle from the Dealer, Passport Size Photograph,Citizenship Certificate | |
Loan amount | Minimum Up to NPR 500K Maximum Up to NPR 10,000K | |
Loan Tenure | Up to 5 Years | |
Interest Rate | Plus Up to 7% |
Eligibility for MBL Auto Loan:
Documents for MBL Auto Loan:
Name of the Auto Loan | Particulars | Features |
Red plated private | Purpose | To purchase/finance four-wheeler Red-Plated Private Vehicle |
Facility Type | Term Loan | |
Eligible | Minimum Age : 20 Years. Maximum Age : 70 Years at loan maturity | |
Loan amount | Minimum : NPR. 5 Lakh Maximum : NPR. 2 Crore | |
Loan Tenure | Maximum Up to 15 Years* | |
Bank Financing | Petrol/ Diesel Vehicle - Up to 50% of the VAT bill Electric vehicle - Up to 80% of VAT bill | |
Interest Rate | 12.77% (Fixed rate) Base Rate + Up yo 6% (Floating Rate) | |
Fees and Charges | As per Bank Charges | |
Red Plate Business | Purpose | Financing Red-Plated Vehicles for a business purpose of self-owned business like-companies, proprietorship, and partnership firms in the name of business entities |
Facility Type | Term Loan | |
Eligible | Business Operation should be at least 2 years from the date of establishment for firm/companies | |
Loan amount | Minimum : NPR. 4 Lakh Maximum : NPR. 2 Crore. | |
Loan Tenure | Maximum Up to 15 Years* | |
Bank Financing | Up to 80% of the VAT bill | |
Interest Rate | 12.77% (Fixed rate) Base Rate + Up yo 6% (Floating Rate) | |
Red plated Semi- Commercial | Purpose | Financing Red-Plated Vehicles in the name of an individual for the purpose of income generation, renting and leasing to other registered firms |
Facility Type | Term Loan | |
Eligible | Minimum Age : 21 Years. Maximum Age : 70 Years at loan maturity | |
Loan amount | Minimum : NPR. 4 Lakh Maximum : NPR. 2 Crore. | |
Loan Tenure | Maximum Up to 6 Years* | |
Bank Financing | Up to 50% of the VAT bill | |
Interest Rate | 12.77% (Fixed rate) Base Rate + Up yo 6% (Floating Rate) | |
green plated | Purpose | To purchase/finance Green Plated Vehicle |
Facility Type | Term Loan | |
Eligible | Business Operation should be at least 2 years from the date of establishment for firm/companies | |
Loan amount | Minimum : NPR. 4 Lakh Maximum : NPR. 2 Crore. | |
Loan Tenure | Maximum Up to 7 Years* | |
Bank Financing | Up to 80% of the VAT bill | |
Interest Rate | 12.77% (Fixed rate) Base Rate + Up yo 6% (Floating Rate) | |
black plated commercial | Purpose | To purchase/finance/ body building of Black Plated Commercial Vehicle |
Facility Type | Term Loan | |
Eligible | For Business: Business Operation should be at least 2 years from the date of establishment for firm/companies. Maximum Age : 70 Years at loan maturity. For Natural Person: Minimum Age Criteria : 21 Years for Taxi Financing and 25 Years for other types of vehicle financing. Maximum : 65 Years at the time of the loan maturity | |
Loan amount | Minimum : NPR. 4 Lakh Maximum : NPR. 3 Crore* | |
Loan Tenure | Taxi Financing : Maximum up to 7 Years Others: Maximum up to 5 Years | |
Bank Financing | Maximum Up to 50% of the VAT bill* | |
Interest Rate | 12.77% (Fixed rate) Base Rate + Up yo 6% (Floating Rate) | |
second hand | Purpose | To finance second hand Red Plated Private Vehicle and Taxi |
Facility Type | Term Loan | |
Eligible | Age of Applicant: Minimum 20 Years andMmaximum 70 Years at loan maturity Age of Vehicle: For Red Plated Private Vehicle: Should not exceed 15 Years* at the time of loan maturity from the date of Initial registration. For Taxi: Should not exceed 10 years at the time of loan maturity from the date of Initial registration. | |
Loan amount | Minimum : NPR. 4 Lakh Maximum : NPR. 2 Crore | |
Loan Tenure | For Red Plated Private Vehicle: Maximum up to 10 Years*. For Taxi: Maximum up to 5 Years | |
Bank Financing | Maximum Up to 50% of purchase price or independent valuation report, whichever is lower | |
Interest Rate | 12.77% (Fixed rate) Base Rate + Up yo 6% (Floating Rate) | |
Fees and Charges | As per Bank Charges |
Documents:
Note: All documents need to be original signed and verified through bank's officials. Further, the Bank can request for additional documents, where deemed necessary.
(Effective from Jestha 01, 2078) (May 15, 2021)
Name of the Auto Loan | Particulars | Features |
Global Auto Loan | Purpose | Purchase of New Vehicle, purchase loans from other Bank/ Financial Institutions, financing on used vehicles |
Facility Type | EMI (Monthly) or EQI (Quarterly) basis | |
Loan Tenure | Up to 7 years | |
Bank Financing | Financing up to 50% of vehicle price (80% incase of electric vehicle) | |
Interest Rate | Fixed rate: 8.99% to 9.99% for Up to 5 Years 10% to 11.99% for above 5 YearsFloating rate: Base rate + up to 6% for both | |
Fees and Charges | As per Bank Charges | |
Global hire purchase Loan | Purpose | Purchase of new vehicles, Purchase of Loan from other Bank or financial institutions, Financing of used vehicle |
Facility Type | EMI (Monthly) or EQI (Quarterly) basis | |
Loan Tenure | Up to 5 years | |
Bank Financing | Provision to provide grace period up to six months | |
Interest Rate | Fixed rate: 11% to 11.99% for Up to 5 Years 12% to 12.99% from 5 to 7 YearsFloating rate: Base rate + 1.5% up to 6% Base rate + 2% up to 6% | |
Fees and Charges | As per Bank Charges |
Eligibility:
Documents:
1) Identification
2) Proof of Income
3) Vehicle Related Documents
Name of the Auto Loan | Particulars | Features |
NMB Electric Auto Loan | Purpose | Targeted towards Electric four wheeler-buyers |
Eligible | Individuals or Business Units Age for individuals: Minimum: 20 years, Maximum: 65 at loan maturity For Registered Business Units: New and Existing | |
Loan amount | Minimum Up to NPR. 0.5 Million Maximum Up to NPR. 5 Million | |
Loan Tenure | Up to 7 years | |
Bank Financing | Up to 80% financing of the purchase of the vehicle | |
Interest Rate | Prime: BR + Up to 1/5% Standard: BR + 1.5% to 3% Others: BR + 3% to 5% | |
Fees and Charges | As per the Bank Charges | |
NMB Bank Auto Loan | Purpose | To provide the best deal to by a car |
Eligible | Age: 25-65 years Profession: · Salaried individuals · Self employed professionals · Businessmen Nationality: Nepali Gender: All gender | |
Loan amount | Private use up to NPR 10,000,000 Commercial vehicle, maximum amount of NPR 5,000,000 | |
Loan Tenure | For purchase of new vehicle: Up to 7 years | |
Bank Financing | Upto 80% of the cost of the vehicle (electric vehicles) | |
Interest Rate | Prime: BR + Up to 2% Standard: BR + 2% to 4% |
Documentation:
For Electric Auto Loan:
For Auto Loan:
Along with the Auto Loan application you will need to provide the following list of documents to help us process your loan at the earliest.
1) Identification Documentation
2) Income related documents
For salaried individuals:
For self-employed professionals:
For business person:
For other sources:
PARTICULARS | FEATURES |
PURPOSE | To purchase new/used vehicles as well as for commercial purpose |
INTEREST RATE | Term Loan: Up to 5% Hire Purchase Loan: Up to 5% |
(Effective from May 15, 2021)
i)Siddhartha Auto LoanPARTICULARS | FEATURES |
PURPOSE | Purchasing an automobile for private or commercial use |
FACILITY TYPE | EMI Basis |
BANK FINANCING | Up to 50% of the invoice value for individual clients. Up to 70% of the invoice value for business entities. Up to 80% of the invoice value for electric vehicles. Up to 50% of the authorized value for used vehicles |
INTEREST RATE | Base Rate + Up to 5% |
FEES AND CHARGES | As per Bank Charges |
Documents:
1) Personal Identification
2) Income Source
Name of the Auto Loan | Particulars | Features |
Small Private Vehicle | Purpose | To part finance and re-finance private vehicles (car, jeep, van, pick-up) to be used for personal or own business purpose |
Facility Type | Equated Monthly Installment (EMI) | |
Eligible | Minimum age of the applicant - 18 Years (in case of vehicle for personal use). Maximum age of the applicant - 65 years. However age should not exceed 70 years at the date of final repayment of the loan. Guarantor should be included if applicant’s age is above 55 years. The guarantor should not be over 65 years and should be from one house family member. | |
Loan amount | Minimum Up to NPR 5 Lakhs Maximum Up to NPR 1 Crore | |
Loan Tenure | Maximum 8 Years | |
Bank Financing | New Vehicle Financing: 90% of the quoted value. In case of financing above 80% but up to 90% of the quoted value additional security in the form of real estate security (Land or Land & Building) or lien over cash or near cash security is required. Refinancing (including Swap Case): maximum up to 80% of the valuation amount provided by the authorized vehicle dealer/assessor of the Bank. Maximum 50% of the quoted value or valuation amount provided by the authorized vehicle dealer/assessor of the Bank, in case of vehicle loan to individual for personal use. | |
Interest Rate | Competitive Interest Rate. | |
Fees and Charges | As per Bank Charges | |
Large Private Vehicle | Purpose | To part finance and re-finance large private vehicles (bus, truck, tipper, excavator) to be used for personal or own business purpose |
Facility Type | Equated Monthly Installment (EMI) | |
Eligible | Minimum age of the applicant - 18 Years (in case of vehicle for personal use). Maximum age of the applicant - 65 years. However age should not exceed 70 years at the date of final repayment of the loan. Guarantor should be included if applicant’s age is above 55 years. The guarantor should not be over 65 years and should be from one house family member. | |
Loan amount | Minimum Up to NPR. 5 Lakhs Maximum Up to NPR. 1 Crore | |
Loan Tenure | Maximum Up to 8 Years | |
Bank Financing | New Vehicle Financing: 90% of the quoted value. In case of financing above 80% but up to 90% of the quoted value additional security in the form of real estate security (Land or Land & Building) or lien over cash or near cash security is required. Refinancing (including Swap Case): up to 80% of the valuation amount provided by the authorized vehicle dealer/assessor of the Bank | |
Interest Rate | Competitive Interest Rate. | |
Small Commercial Vehicle | Purpose | To part finance and re-finance small commercial vehicles (taxi, jeep, van, pick – up) to be used for own business purpose or to be operated as means of public transport or/and for transportation of goods with green or black number plate |
Facility Type | Equated Monthly Installment (EMI) | |
Eligible | Minimum age of the applicant - 18 Years (in case of vehicle for personal use). Maximum age of the applicant - 65 years. However age should not exceed 70 years at the date of final repayment of the loan. Guarantor should be included if applicant’s age is above 55 years. The guarantor should not be over 65 years and should be from one house family member. | |
Loan amount | Minimum Up to NPR. 5 Lakhs Maximum Up to NPR. 1 Crore | |
Loan Tenure | Maximum 8 Years | |
Bank Financing | New vehicle financing: Maximum up to 80% of the cost of the vehicle. Refinancing (including Swap Case): maximum up to 80% of the valuation amount provided by the authorized vehicle dealer/assessor of the Bank or the current outstanding amount at other financial institution whichever is lower. | |
Interest Rate | Competitive Interest Rate. | |
Large Commercial Vehicle | Purpose | To part finance and re-finance large commercial vehicles (bus, truck, tipper, tanker) to be used for own business purpose or to be operated as means of public transport or/and for transportation of goods |
Facility Type | Equated Monthly Installment (EMI) | |
Eligible | Minimum age of the applicant - 18 Years (in case of vehicle for personal use). Maximum age of the applicant - 65 years. However age should not exceed 70 years at the date of final repayment of the loan. Guarantor should be included if applicant’s age is above 55 years. The guarantor should not be over 65 years and should be from one house family member. | |
Loan amount | Minimum Up to NPR. 5 Lakhs Maximum Up to NPR. 1 Crore | |
Loan Tenure | Maximum 8 Years | |
Bank Financing | New vehicle financing: Maximum up to 80% of the cost of the vehicle. Refinancing (including Swap Case): maximum up to 80% of the valuation amount provided by the authorized vehicle dealer/assessor of the Bank or the current outstanding amount at other financial institution whichever is lower. | |
Interest Rate | Competitive Interest Rate. |
Eligibility:
For Small Private and Large Private Vehicle:
For Large Commercial and Small Commercial Vehicle:
Documents:
For Small Private and Large Private Vehicle:
For Large Commercial and Small Commercial Vehicle:
The following documents are added on top of the same requirements as per Small Private and Large Private Vehicle.
(Effective from May 15, 2021)
NAME OF THE AUTO LOAN | PARTICULARS | FEATURES |
CIVIL AUTO LOAN | Purpose | To purchase vehicle for Private and Commercial use (New and Used Vechiles |
Eligible | To all Nepalese Citizen above 18 years having steady and reliable source of income to pay the loan installments | |
Loan amount | Minimum NPR 0.3 Milion Maximum NPR 20.0 mil | |
Loan Tenure | Maximum Up to 7 years for fresh Vehicles. Maximum Up to 4 years used vehicles (However the age of the used vehicles should not exceed 10 years at loan maturity) | |
Interest Rate | Competitive charges | |
Fees and Charges | As per Bank Charges |
Documentation: Collateral/Security
It is Nabil Bank Ltd (NABIL) with only 7% as the interest rate, and 0.75% of loan amount taken as charge. This rate falls on the lower end of the interest rates which exists today.
To let you know, it is the interest rate that determines which bank will be the best suitable to get a loan from. The lower the percentage, the better for us because it is this interest rate that we will have to pay back to the bank.
So, there it is folks. How did you like the collection of information?
And not to forget, we have also compiled our reference sources, which are without a doubt the official bank websites.