KATHMANDU: A delegation from the NADA Automobiles Association of Nepal (NADA) met with the newly appointed Governor of the Nepal Rastra Bank (NRB), Dr Biswo Poudel, on Friday and held discussion on several issues affecting the country’s automobile sector.
The delegation led by NADA President Karan Chaudhary held discussion on several pressing issues in the automobile industry like limited access to finance, practical hurdles in obtaining loans for electric and premium vehicles, inconsistencies in lending policies and the urgent need for fairer financial regulations.
During the discussion, President Chaudhary outlined five key recommendations aimed at revitalizing Nepal’s automobile industry. These included ensuring effective and practical loan disbursement processes for the automobile industry, setting the minimum loan-to-value ratio for vehicles at 70%, introducing more flexibility in the loan service-to-income ratio requirements, launching specific loan programs targeting electric and hybrid vehicles, and strengthening regulations to promote fairness and transparency in the financial system.
Governor Dr Poudel assured the delegation that NADA’s suggestions would be given due consideration. He added that necessary discussions and coordination would be initiated to address the issues raised by NADA.
