Shangrila Motors Pvt Ltd, the authorised distributor of Peugeot and Citroen vehicles in Nepal, and Everest Bank have signed a Memorandum of Understanding (MoU) to collaborate for vehicle financing. 

As per the MoU, Everest Bank will provide up to 80 percent bank finance on electric vehicles, up to 70 percent financing on non-electric vehicles for institutions, and up to 50 percent bank financing on non-electric vehicles for individuals.

Gaurav Kumar, deputy general manager of Everest Bank, and Kiran Shrestha, assistant general manager of Shangrila Motors, signed the MoU on behalf of their respective organisations.

The collaboration aims to offer easy retail financing for customers looking to purchase vehicles from Peugeot and Citroen, the company said in a press statement. 

The loan will be floated in line with the related directives and guidelines of Nepal Rastra Bank. Everest Bank consists of 124 branches across the country and the scheme will be valid all over Nepal between Shangrila Motors’ authorised dealers and Everest Bank. (PR)