Thinking of owning your own car but unsure about getting it brand new or used because of its price? Don’t worry as Global IME bank is here to help you buy your dream vehicle with one of the best auto loan plans in Nepal.
Auto loan is the loan provided by the lender to the borrower for buying vehicles in which the borrower has to repay the loan in installment basis, usually with interest. Vehicle itself works as collateral, meaning if the borrower fails to repay the loan, the lender can repossess the vehicle.
Why Choose Global IME Bank for Your Auto Loan?
Global IME Bank provides excellent loan facilities such as auto loan, home loan, etc. with its simple documentation process linked with our speed delivery and flexibility. The bank also provides a loan with special interest rate for the purchase of electric cars under the Green Drive Scheme. Keep reading to find out more about car financing in Nepal through Global IME Bank.
Auto Loan Purposes
• Purchase of new vehicle
Auto loan helps you in buying a brand new vehicle of your choice with affordable down payment and easy loan payment terms.
• Financing in used vehicle
Helping you get the used vehicle you need by providing required finances.
• Purchase of loan from other bank/financial institution
Switch your existing auto loan from another financial institution to Global IME Bank for better terms and service. Enjoy the benefits of competitive rates and personalized support.
Key Features of Global IME Bank’s Auto Loan
• Competitive premium rate:
Global IME Bank provides an attractive and advantageous auto loan interest rate in Nepal with the aim of providing affordability and value to the borrowers.
• Fast approval process:
We make sure our valuable customers don’t wait during the process of loan approvals.
• Facility available in all branches:
You can make auto loan deals from any branches of Global IME bank despite the geographical location.
• Flexible tenor:
You can choose a repayment option that best suits your financial situation and budget.
• Vehicle financing option:
Financing up to 50% of vehicle price (80% incase of electric vehicle)
• Counseling facilities:
Counseling is provided by our Relationship Managers throughout the process to help you choose the best financing option. You can also check the best and most effective car loan plan using an auto loan EMI calculator.
Eligibility Criteria
1) Individual eligibility:
Applicants must be above 21 years old Nepalese citizens.
• Income and employment requirement:
S/he must be a salaried individual or self-employed person or have a company/firm having sufficient income and cash flow to serve debt.
• Income verification:
Must have sufficient income source to repay at the bank’s satisfaction.
2) Company Eligibility:
• Company (Pvt./Public)/Proprietorship/Partnership
Company (Pvt./Public)/Proprietorship/Partnership (duly registered with the concerned government authority) proposing to use vehicle for personal/private/commercial use.
• Debt servicing condition:
Purchase of loan is subject to the satisfactory debt servicing to other Banks/FIs.
• Auto Loan Authorization Policy
Any person other than owner/authorized person/executive of the firm/company shall not authorize to avail by auto loan on behalf of the firm/company.
• EMI/EQI Income ratio:
EMI/EQI should not exceed 50% of gross income. Use the EMI Calculator to find your EMI.
• Disposable income ratio:
EMI/EQI should not exceed 80% of disposable income ( income left after tax and other mandatory deduction.
Frequently Asked Questions about Auto Loan
What is the auto loan interest rate in Nepal?
The auto loan interest rate in Nepal is between 7.87% – 15% depending upon banks and financial institutions.
Which bank is best for getting an auto loan in Nepal?
Global IME bank offers one of the best auto loans in Nepal with competitive interest rate in the market.
What is the interest rate for an EV loan in Nepal?
In our Green Drive Scheme for EV loan, you can get EV loan for 9.49% p.a. for loan tenure upto 5 years.
Conclusion
The dream of owning your own vehicle has never been this easy thanks to the auto loan provided by Global IME Bank. Satisfy your wants through its compelling service with supporting environment, competitive premium rate and flexible repayment term. We are always eager to help and support our customers, so always consider Global IME Bank for financing the vehicle you always wanted.
