Nepal Bank has announced a festive auto loan at 4.94% interest for Nepali buyers planning to finance new vehicles during Dashain.
Loan terms and fees
Under this scheme, customers can take a vehicle loan for two to seven years, choosing the repayment period to fit their monthly budget. The bank is charging a 0.5% service fee on the approved loan amount. The offer is valid until the end of Ashoj.
Who can apply
Applicants must be Nepali citizens and at least 18 years old at the time of loan disbursement. They must show a stable, regular income that can cover instalments and interest.
Required personal documents include:
- Citizenship certificate
- National Identity Card or passport
- Passport-size photos
- Family details paper from the local government
Income proof and business papers
For salaried applicants, Nepal Bank asks for:
- Monthly salary proof
- Six-month bank statement
- Appointment letter
- Proof that the probation period is complete
Those earning from business need:
- Firm registration
- PAN/VAT certificates
- Depending on the case, documents such as memorandum and articles of association or partnership agreement
Applicants with rental income must submit:
- Rent agreement
- Tenant identification
- Tax receipts
- Property details
For businesses and firms, the bank requires:
- Audited financial statements
- Projected financial statements
- Tax clearance certificates or income-related receipts
Customers seeking loans of Rs 2.5 million or more must also submit their PAN number.
Vehicle quotation required
Every applicant has to provide an official vehicle quotation mentioning the price, model and key features of the car or bike they plan to finance.
For buyers who can handle the paperwork, this 4.94% festive rate looks like one of the sharper ways to put a new vehicle in the garage this Dashain.
Writes on vehicle pricing, taxation and the Nepali auto market from ongoing tracking of distributor price lists. Editorial policy.
