Mahalaxmi Sawari Karja (Private, Commercial & EV)

The scheme incorporates vehicle loan which includes Private Auto Loan/ Commercial Loan/electrical vehicle Loan and refinancing of old vehicle with a simple and hassle-free loan processing system.

Eligibility Age   :    20-70 years

Profession       :    Salaried individuals Remittance Income Holder Self-employed professionals Businessmen Nationality    :    Nepali

Loan Tenure

1. Private Auto (New): Maximum tenure of loan shall be up to 8 years

2. Commercial Vehicle (New): Maximum up to 5 Years

3. Electric Vehicle: Maximum tenure of loan shall be up to 5 years

4, Refinancing Used/Existing Vehicle: Should not exceed 8 years at the time of loan maturity from the date of Initial registration.

Loan Limit     : Minimum 5 lakh

                        : Maximum 3 crore

Collateral & Quantum of loan

Proposed vehicle will be registered in the name of bank with comprehensive insurance.

Financing ratio against FMV shall be as follow:

1. Private Auto (New): Up to 50% of quotation Price.

2. Commercial Vehicle (New): Up to 80% of quotation price and or 70olo of total quotation of both chassis and body making.

3. Electric Vehicle: Up to 80% of quotation price

4. Existing Vehicle: Maximum up to 50% of valuated amount

5. Refinancing Used/Existing Vehicle: Maximum up to 50% of valuated amount, or loan outstanding (in case of refinancing whichever is lower).

Note: Financing may change as per the provision of NRB Directives/ Circulars.

Documents required for Auto Loan

1. Identification Documentation
   • Photograph and copy of citizenship of the applicant/sponsor/guarantor.
   • Marriage Certificate
   • Family Details & Nata Pramanit
   • Copy of Individual PAN certificate (where applicable)
   • Net worth statement of applicant/guarantor/sponsor.
   • Quotation of Vehicle issued by authorized dealers.
2. Income related documents
   • For salaried individuals
     • Salary certificate from the employed organization/company (not older than 3 months).
     • Bank Statement, as applicable.
     • Latest two salary slips (if any).
   • For self-employed professionals
     • Certificate of registered professional.
     • Detail of income source/ profession.
     • Proof of last 3 years of continuous practice (if any).
     • Bank Statement, as applicable.
   • For business person
     • Latest audited financial statement as per prevailing Company/Tax Act of Nepal.
     • Bank Statement, as applicable.
     • Certificate of Incorporation (in case of organization)
     • Valid Firm/Company registration certificate.
     • MOA/AOA, Share Lagat, partnership deed (as applicable)
     • Recent tax paid receipt.
   • For other sources
     • Other rental income details.
     • Pension slip, interest received statement etc.
     • Bank Statement, as applicable.
     • Other verifiable income.