Auto Loan
Cars have become a necessity as the developing times have made us more mobile and there is nothing that surpasses the comfort and security of traveling in your own car. Nabil Auto Loan makes owning a car effortless by providing a competitive interest rate, requiring easy documentation and quick loan disbursal. Now owning a car doesn’t require years of planning and saving. Just choose the best car for yourself and we will help you in making it your own.
Features
Attractive and Competitive Interest Rate
Quick loan processing with simplified documentation
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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
Preview of Loan
| Purpose | Loan Amount | Loan Tenure | Financing Ratio |
| New Vehicle (Private) | Up to NPR 8 million | Up to 7 Years | Up to 60% of VAT Bill |
| New Vehicle (Commercial)-Fuel Based | Not Applicable | Up to 6 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) | Up to NPR 8 million | 6 years but the age of the vehicle should not exceed a maximum of seven years at the time of loan maturity | Up to 50% of the value of the vehicle at the time of valuation |
| Refinance (Terminating Line) | Up to NPR 8 million | Remaining tenure with BFIs st the time of takeover but age of the vehicle should not exceed a maximum of seven years from the date of registration or at the time of loan maturity | Up to 50% of the value of the vehicle at the time of valuation |
| Electric Vehicle | Upto 8 million | Upto 7 years | Upto 60% of VAT bill |
| Commercial Vehicle-EV | Not Applicable | Upto 6 years | Upto 60% of VAT bill |
Terms & Conditions
- Equated Monthly Installment (EMI) of the borrower should not exceed 50% of the borrower’s Gross Income after deducting other loan obligations
- Disclosed income must be substantiated by the transaction volume of the Bank account along with tax paid receipts
- Two years experience in the field of commercial transport operation is mandatory (For both registered and unregistered transport operators)
Fees & Charges
| Particulars | Charges | ||||||||
| Loan Administration Fee |
0.75% of the loan amount
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| Commitment Fee |
0.15% of the unutilized limit | ||||||||
| Prepayment Fee |
For Fixed Interest Rate Loans, Prepayment fee of 0.75% on prepaid amount shall be applicable. Note: The above rates are subject to change at the direction of the regulator | ||||||||
| CIC Charge |
On Actual Basis |
All other charges as per directives issued by Nepal Rastra Bank.
Eligibility
The age of the applicant/co-applicant should be minimum of 21 years at the time of loan origination and the maximum age at the time of loan maturity can be 70 years.
- All individuals having a 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.
Required Document
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 2.5 million)
- Location Map (Residence & Office)
Income Source
- Salary certificate
- A 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 the commercial vehicle along with route permit (For commercial vehicle income)
- Salary certificate, work permit, valid passport with visa, payslip, and/or bank account statement (For foreign employment income)
- Latest tax paid receipt or tax clearance certificate for all income (where ever applicable)