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

  • Competitive rate (subject to change)

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.