KATHMANDU: Nepal Bank has introduced an auto loan scheme for customers planning to buy vehicles during the festive season. Under the scheme, customers can get vehicle loans at an interest rate of 4.94%.
The offer is available until the end of Ashoj. The loan can be taken for a period ranging from two to seven years, allowing customers to choose the repayment period based on their financial situation.
Nepal Bank charges a 0.5% service fee on the total loan amount.
Applicants must be Nepali citizens aged at least 18 years at the time of loan disbursement. They must also provide documents showing a stable and regular source of income sufficient to repay the loan and interest.
Applicants need to submit their citizenship certificate, National Identity Card or passport, passport-size photographs, and family details issued by the concerned local government.
Those earning from a business must provide firm registration documents and PAN/VAT certificates. Depending on the case, the bank may also ask for the company’s memorandum and articles of association, partnership agreement and other supporting documents.
Customers must also submit an official vehicle quotation mentioning the vehicle’s price, model and features.
For salaried applicants, the bank requires proof of monthly salary, a six-month bank statement, appointment letter and proof of completion of the probation period.
Applicants earning rental income need to provide a rent agreement, identification of the tenant, tax receipts and property details.
For businesses and firms, the bank requires audited financial statements, projected financial statements and tax clearance certificates or income-related receipts. Customers seeking loans of Rs 2.5 million or more must also submit their PAN number.
