Banks launch auto loan schemes for DashainFor consumers, Dashain is the best time to purchase an automobile, as many commercial banks offer attractive auto loan schemes for the occasion. During this time of the year, the sale of automobiles almost double, said domestic automobile dealers.
For consumers, Dashain is the best time to purchase an automobile, as many commercial banks offer attractive auto loan schemes for the occasion. During this time of the year, the sale of automobiles almost double, said domestic automobile dealers.
And to target the festive season, commercial banks, like Standard Charted Bank, NIC Asia, NMB Bank, Century Commercial Bank and Himalayan Bank, among others, have already introduced various auto loan schemes, and are providing auto loans with 65 percent bank financing.
Standard Charted Bank has been running the NADA Festival Campaign, which kick started from the NADA Auto Show 2018 and will be valid up to October 15. “Under the campaign, the bank has been offering auto loan with 9.49 percent interest rate per annum, which includes base rate plus premium rate for the first year,” said Diwakar Poudel, head of brand, marketing and corporate affairs at Standard Charted Bank.
Poudel said the bank will be charging premium rates constantly throughout the maturity period. “However, the base rate could change as per market fluctuation,” he said.
Similarly, NIC Asia Bank has introduced their scheme: Chamatkarik Auto Loan. Under the loan scheme, the bank is offering auto loan at 13.2 percent interest with loan tenure up to 15 years, said Chiranjivi Acharya, relationship manager at NIC Asia Bank. He said that the bank has been offering different interest rates depending on the loan period.
The bank has also been providing quick loan decisions for customers willing to buy the vehicle from the bank, the bank said.
Meanwhile, Century Commercial Bank has been offering loan schemes on e-scooters under their Easy Plan EMI programme. The customers holding a credit card of the bank will be provided with a certain credit card limit, depending upon their income, said Sujan Raj Shakya, senior assistant manager of Century Commercial Bank.
The bank has been offering EMI on the purchase of electronic goods, gadgets, and jewellery to its customers, with an 18-month loan period on zero percent interest and service charges, he said. According to him, the bank has been providing Easy Plan scheme on NIU e-scooter.
Likewise, Himalayan Bank has been offering auto loan on 9.95 percent interest rate with 0.5 percent service charge. The festive scheme that commenced from the NADA Auto Show will be valid up to three months, said Jayendra B Shah, executive officer, head-retail and SME business development of Himalayan Bank. The bank also has been providing quick loans for customers.
NMB Bank has been offering auto loan on 11.5 percent with loan period up to seven years, said Ayush Luitel, officer retail assets at NMB Bank.