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Purpose
  • To purchase car / van / jeep/ Multi Utility Vehicles/ Sports Utility Vehicle
    (non-commercial purpose only) for individual and business concerns
Eligibility
  • Gross monthly income (Self employed/Business/Salaried & Other income) of borrower along with that of spouse/other family members should be at least double of monthly installment of the loan
Limit
  • For individuals: 30 times of Net Monthly income or loan amount whichever is lower
  • For business concerns: Need Based
Margin
  • Natural Person (for personal purpose)- not less than 50% of purchase price of vehicle
  • Electric Vehicle (for personal purpose)- not less than 20%(subject to NRB stipulation)
Interest rate
  • 9.66   for   5 years
  • 10.12  for  7 years
Repayment
  • up to 7 years
Security
  • Registration of the vehicle in the name of the bank
  • Acceptable Collateral security
  • Personal guarantee of person(s) acceptable to the Bank shall be obtained.
Insurance
  • Comprehensive policy with third party insurance as per banks’ clause.