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NIC ASIA Auto loan is an exclusive financing option to “move in style” by owing a vehicle of your own choice. It aims to support you as our esteemed customer to procure any type of four-wheeler and above vehicle with a comfortable Equated Monthly Installment (EMI) payment option.
The scheme incorporates vehicle loan up to 80% and is available with a simple and hassle-free loan processing system. To enhance and upgrade the customer’s automobile experience, there are varieties of auto loan facilities.
For more information/inquiries, please contact the nearest branch or type “AUTO” and send SMS to 34488.
Facility/Product Type
Auto Loan – Red Plated Private Vehicle:
Purpose
To purchase/finance four-wheeler Red-Plated Private Vehicle.
Facility Type
Term Loan.
Eligible
- Minimum Age: 20 Years
- Maximum Age: 70 years at loan maturity
Loan Amount
- Minimum: 5 Lakh
- Maximum: 2 crore
Loan Tenure
Maximum 15 Years*.
Bank Financing
- Petrol/ Diesel Vehicle:Up to 50% of the VAT bill.
- Electric vehicle: Up to 80% of VAT bill.
Interest Rate
As per Published Rate
Fees and Charges
As per Standard Tariff of Charges
Auto Loan - Red Plated Business Use Vehicle:
Purpose
Financing Red-Plated Vehicles for a business purpose of self-owned business like-companies, proprietorship, and partnership firms in the name of business entities.
Facility Type
Term Loan.
Eligible
Business Operation should be at least 2 years from the date of establishment for firm/companies.
Loan amount
- Minimum: 4 Lakh
- Maximum: 2 Crore
Loan Tenure
Maximum Up to 15 Years* .
Bank Financing
Up to 80% of the VAT bill.
Interest Rate
As per Published Rate
Fees and Charges
As per Standard Tariff of Charges
Auto Loan - Red Plated Semi- Commercial Vehicle
Purpose
Financing Red-Plated Vehicles in the name of an individual for the purpose of income generation, renting and leasing to other registered firms.
Facility Type
Term Loan.
Eligible
- Minimum Age: 21 years
- Maximum Age: 70 years at loan maturity
Loan amount
- Minimum : NPR. 4 Lakh.
- Maximum : NPR. 2 Crore.
Loan Tenure
Maximum up to 6 years.
Bank Financing
Up to 50% of the VAT bill.
Interest Rate
As per Published Rate
Fees and Charges
As per Standard Tariff of Charges
Auto Loan - Green Plated Vehicle
Purpose
To purchase/finance Green Plated Vehicle.
Facility Type
Term Loan.
Eligible
Business Operation should be at least 2 years from the date of establishment for firm/companies.
Loan amount
- Minimum:NPR. 4 Lakh.
- Maximum: NPR. 2 Crore
Loan Tenure
Maximum up to 7 years
Bank Financing
Maximum Up to 80% of the VAT bill.
Interest Rate
As per Published Rate
Fees and Charges
As per Standard Tariff of Charges
Auto Loan - Black Plated Commercial Vehicle
Purpose
To purchase/finance/ body building of Black Plated Commercial Vehicle.
Facility Type
Term Loan.
Eligible
- For Business:
- Business Operation should be at least 2 years from the date of establishment for firm/companies.
- Maximum Age : 70 Years at loan maturity.
- For Natural Person:
- Minimum Age Criteria :21 Years for Taxi Financing and 25 Years for other types of vehicle financing.
- Maximum :65 Years at the time of the loan maturity.
Loan Tenure
- Taxi Financing: Maximum up to 7 Years.
- Others: Maximum up to 5 Years.
Bank Financing
Maximum Up to 50% of the VAT bill*.
Interest Rate
As per published Interest Rate.
Fees and Charges
As per Bank's Standard Tariff Charges.
Auto Loan : Second Hand Vehicle Financing
Purpose
To finance second hand Red Plated Private Vehicle.
Facility Type
Term Loan.
Eligible
- Age of Applicant:
- minimum age: 20 Years
- maximum 70 Years at loan maturity
Age of Vehicle
- For Red Plated Private Vehicle:
- Should not exceed 15 Years* at the time of loan maturity from the date of Initial registration.
- For Taxi:
- Should not exceed 10 years at the time of loan maturity from the date of Initial registration.
Loan amount
- Minimum: NPR. 4 Lakh.
- Maximum: NPR. 2 Crore.
Loan Tenure
- For Red Plated Private Vehicle:Maximum up to 10 Years*.
- For Taxi: Maximum up to 5 Years.
Interest Rate
As per Published Rate
Fees and Charges
As per Standard Tariff of Charges
Bank Financing
Maximum Up to 50% of purchase price or independent valuation report, whichever is lower.
* Note: Other Terms and Conditions shall be as per the Bank’s Policy. In addition, to the above-mentioned parameters, the Bank can analyze other details too, where deemed necessary.
Required Documents
Citizenship certificate
Passport copy
Photograph
Marriage certificate
Relationship certificate (where applicable)
Income source verification documents
Quotation price of the vehicle
Bank account statements
Net worth detail document (where applicable)
Firm/Company Registration Certificate (if applicable)
PAN/VAT Certificate (If applicable)
Audited financials of the last 2 fiscal years (For business income)
Blue book of existing vehicles
All related documents regarding collateral/security
