Thursday June 22,2017

Auto Loan – Private and Commercial

Owning a new car, a pre-owned car which you have always dreamt of, is now easy. We offer you Auto Loan that would change your dreams to reality.

Now you no longer have to wait to own & ride your dream car. Press on the accelerator and drive away with the car that would define your lifestyle.

If you have always dreamt of owning your own commercial vehicle and make your transport related business more success, you are at the right place. Trust we offer Auto Loan for purchase of new commercial vehicles or refinance of used commercial vehicles to suit all your needs.

Features of Auto Loan

  • Attractive and Competitive interest rate
  • Quick loan processing with simplified documentation
  • Flexible loan tenure
  • Equated Monthly Installment (EMI) based loan
  • Interest is charged on the reduced principal outstanding
  • Personal counseling throughout the process
  • Customized and flexible financial solutions
  • Loan processing from wide range of branch networks
  • Insurance options to cover your auto loan at attractive premium

Preview of Loan:

Purpose Loan Amount Loan Tenure Financing Ratio

New Vehicle (Private)

Upto NPR 6 million

Upto 6 Years

50% of VAT Bill

New Vehicle (Commercial)

Upto NPR 5 million

Upto 5 Years

30% of VAT Bill and land and/or building with minimum 50% Distress Value covering the loan size.

Used Vehicle (Private/Commercial)

Upto NPR 2 million

4 years but age of the vehicle should not exceed maximum seven years at the time of loan maturity

30% of the value of vehicle at the time of valuation and additional land and/or building with minimum 50% Distress Value covering the loan size for commercial vehicle.

Refinance (Terminating Line)

Upto NPR 2.5 million

4 years but age of the vehicle should not exceed maximum seven years at the time of loan maturity

30% of the value of vehicle at the time of valuation and additional land and/or building with minimum 50% Distress Value covering the loan size for commercial vehicle.

Required Documentation Checklist

1. Identification

  • Photograph (2 copies each)
  • Citizenship and/or Passport
  • Relationship Certificate (if applicable)
  • Marriage Certificate (if applicable)
  • Bank (deposit & loan) account statement of at least 6 months
  • Firm/Company Registration Certificate (if applicable)
  • PAN/VAT Certificate (If applicable)
  • Article of Association (AOA) and Memorandum of Association (MOA) (if applicable)
  • Partnership Deed (if applicable)
  • PAN Certificate of the individual (for Loan amount above NPR 10 million)
  • Location Map (Residence & Office)

2. Security/Collateral (In case of Commercial Vehicle)

  • Land Ownership Certificate (Lalpurja)
  • Rajinama or Bakaspatra or Ansha-banda
  • Malpot Receipt
  • Tax clearance of building
  • Blue Print and trace map
  • Char Killa Pramanit
  • Approved house map
  • Nirman Sampanna Patra
  • Ghar Kayam in Lalpurja in case of existence of house

3. Income Source

  • Salary certificate
  • Rental agreement along with tenant’s identification (if any)
  • Audited financials of last 2 fiscal years (For business income) Pension document
  • Copy of renewed/valid blue book of commercial vehicle along with route permit (For commercial vehicle income)
  • Salary certificate, work permit, valid passport with visa, pay slip and/or bank account statement (For foreign employment income)

Terms & Conditions

  • Equated Monthly Installment (EMI) of the borrower should not exceed 70% of the borrower’s Uncommitted Monthly Income (UMI) (i.e. net saving after all expenses except EMI)
  • Disclosed income must be substantiated by the transaction volume of the Bank account
  • Two years experience in the field of commercial transport operation is mandatory (For both registered and unregistered transport operators)
  • The property proposed for the mortgage should have at least 8 feet wide motorable access. If the property is 1 ropani or above in area 10 feet wide motorable access is required.

Frequently Asked Questions (FAQS)

 

Fees & Charges

Particulars Charges
Loan Administration Fee

0.75% of the loan amount

Commitment Fee

1% of the unutilized limit

Prepayment Fee

2% on amount prepaid if prepaid within a year and 1% on amount prepaid if prepaid after 1 year

Valuation Charge

0.125% of Fair Market Value or NPR 5,000 whichever is higher

Penal Charge 2% of the overdue principal for delayed period and incase of interest overdue, penal interest willbe charged on entire overdue interest amount for the period of delay. Penal rate on interest overdue willbe 2% higher than the highest printed interest rate. 
CIC Charge

On Actual Basis

Late Payment Fee

NPR 500 each in case of principal and/or interest default

Eligibility

Age of applicant/co-applicant should be minimum 21 years at the time of loan origination and maximum age at the time of loan maturity can be 65 years.

  • All individuals having sufficient level of income to repay EMIs.
  • Salaried individual - Should be in permanent service.
  • Self Employed individual – Business should be at least 2 years in commercial operation.
  • Registered and Unregistered transport operators-List of owned vehicles along with renewed blue book copies.

APPLY NOW DOWNLOAD APPLICATION FORM FIND A BRANCH NEAR YOU