Wednesday October 23,2019
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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 of up to 7 years
  • 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 8 million

Upto 7 Years

Up to 50% of VAT Bill

New Vehicle (Commercial)

Upto NPR 8 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 3 million

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

Up to 50% of the value of vehicle at the time of valuation.

Refinance (Terminating Line)

Upto NPR 3 million

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

Up to 50% of the value of vehicle at the time of valuation 

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. 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)

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.

2% on outstanding in case the loan is taken over by other Banks or FIs.
Penal Charge

Penal interest

Category

Remarks

i)

Principal Default

:

@ 3% p.a. for overdue principal amount for delayed

ii)

Interest Default

:

@ 15% p.a. for overdue interest amount for delayed

 
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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