Auto Loan - Nabil Bank Limited – First Private Commercial Bank

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	Up to 65% of VAT Bill
New Vehicle (Commercial)	Upto NPR 5 million	Upto 5 Years	Up to 70% 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	Up to 65% of the value of vehicle at the time of valuation for private vehicles and up to 70% of value of vehcile for commercial vehicles. However, additional land and/or building covering minimum 50% Distress Value covering the loan size for commercial vehicle is required.
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	Up to 65% of the value of vehicle at the time of valuation for private vehicles and up to 70% of value of vehcile for commercial vehicles. However, additional land and/or building covering minimum 50% Distress Value covering the loan size for commercial vehicle is required.

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 for Private Vehicle 1% of the loan amount for Commercial Vehicles
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
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.

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