Hire Purchase Loan
Hire Purchase Loan is designed to assist individuals, firms, and companies in purchasing vehicles for personal or commercial use. Financing is provided based on income capacity, cash flow strength, and prevailing credit policies and regulatory guidelines.
Eligibility Criteria
- Firm/company should be registered under the concerned authority.
- The cash flow statement should be positive.
- For individuals: Nepali citizen with a valid driving license.
- Individuals should have regular and verifiable cash flow.
Financing Limit
For Personal Use
- Electric Vehicle (EV): Up to 80% of quotation price.
- Petrol/Diesel Vehicle: Up to 50% of quotation price.
- Financing on used/old vehicles shall be as per prevailing credit policy guidelines.
For Commercial Purpose
- Up to 65% of the valuation amount as determined by a registered valuator or as guided by NRB directives/circulars issued from time to time.
Documents Required
- Loan application form duly filled by the applicant and co-signed by both parents/guarantor.
- Copy of citizenship certificates and passport size photographs of applicant/authorized person and guarantor.
- Copy of PAN card of applicant if loan amount is NPR 5,000,000 or above.
- Copy of Registration Certificate and PAN of firm/company.
- Copy of Memorandum of Association (MOA) & Articles of Association (AOA) in case of company.
- Partnership deed in case of a partnership firm.
- Board Resolution/Minutes in case of company.
- Audited financial statements of the last 2 years along with latest tax clearance letter (firm/company).
- At least 3 years projected financial statements in case of firm/company.
- Vehicle quotation issued by seller or authorized valuator (mandatory for used vehicles).
- Details of security being offered as collateral.
- Income source documents.