Apply NIMB Auto Loan Nepal: Flexible Car & Bike Loan Solutions
31st May 2025, Kathmandu
Owning a personal or commercial vehicle is a major goal for many people in Nepal. Whether it’s for daily travel, family needs, or business growth, having a vehicle offers freedom and convenience.
Apply NIMB Auto Loan Nepal
Nepal Investment Mega Bank (NIMB) makes that goal easier to reach with its Auto Loan service. The bank offers one of the most flexible and customer-friendly vehicle loan solutions in Nepal. With competitive interest rates, easy paperwork, and quick loan processing, NIMB ensures that buying a vehicle is no longer a complicated task.
Who Can Apply For The NIMB Auto Loan?
NIMB provides vehicle loans to a wide group of customers. This includes salaried individuals, such as government and private sector employees, as well as professionals like doctors, engineers, and consultants. Employees working in NGOs, INGOs, and corporate offices can also apply. In addition, the bank supports business people, entrepreneurs, firms, and companies who want to purchase vehicles for business or income-generating purposes. The loan is available to all Nepali citizens and legally registered companies or firms in Nepal. This wide eligibility makes NIMB Auto Loan an ideal choice for both personal and commercial buyers.
Auto Loan VS Hire Purchase Loan: Choose What Fits You
NIMB understands that every customer has different needs when it comes to vehicle financing. That’s why it offers two main types of loans – Auto Loan and Hire Purchase Loan. The Auto Loan is best for individuals who want to purchase a vehicle for private or personal use. Under this plan, the vehicle is registered directly in the borrower’s name, and the bank keeps it as security. On the other hand, the Hire Purchase Loan is designed mostly for commercial vehicles or business fleets. In this model, the bank owns the vehicle until the full loan amount is paid back. This can be a useful structure for business owners who want to manage their cash flow while using the vehicle.
Eligibility Criteria And Age Limit
To apply for the NIMB Auto Loan, applicants need to meet some basic conditions. The borrower must be at least 25 years old at the time of application. By the time the loan period ends, the applicant should not be older than 70 years. If the loan is being taken jointly, then at least one person in the group must meet the age requirement. This helps ensure that the borrower has the financial capacity and time to repay the loan smoothly.
Flexible Loan Tenure Based On Vehicle Type And Amount
NIMB offers flexible repayment terms depending on the type and value of the vehicle. For brand-new vehicles, borrowers can enjoy a loan tenure of up to 10 years, although 5 years is generally preferred. If the vehicle is second-hand, the maximum loan period is 5 years, and the vehicle should not be more than 10 years old at the time of loan maturity. The tenure also depends on the value of the vehicle:
For vehicles worth NPR 1 million to 5 million, the maximum loan tenure is 5 years.
For vehicles between NPR 5 million to 10 million, borrowers can get up to 7 years.
For vehicles above NPR 10 million, the repayment period can be as long as 10 years.
In the case of Hire Purchase Loans, individual borrowers can get up to 10 years for new vehicles and up to 5 years for used ones, as long as the vehicle is not older than 7 years at maturity. For firms and companies, the maximum tenure is 7 years, whether the vehicle is new or used, with the same age limit of 7 years for second-hand vehicles.
Loan Amount, Interest Rates, And Repayment Capacity
NIMB offers generous loan amounts to help you purchase your desired vehicle. For Auto Loans, the minimum loan amount is NPR 1 million, and the maximum is NPR 25 million. For Hire Purchase Loans, the limit is between NPR 1 million and NPR 20 million. The bank follows Nepal Rastra Bank’s (NRB) directives when deciding how much loan to provide. For example, Auto Loans are generally approved up to 50% of the proforma invoice value. Hire Purchase Loans and loans for Electric Vehicles (EVs) can go up to 80% of the vehicle’s value.
To ensure borrowers can repay the loan, NIMB sets some repayment rules. For individual borrowers, the total monthly loan installment (EMI) should not exceed 50% of their gross monthly income. For firms and companies, the Debt Service Coverage Ratio (DSCR) should be at least 1.1 times. The interest rates are competitive and available on both fixed and floating bases. This gives customers the freedom to choose how they want to manage their repayments.
Transparent Charges And Prepayment Options
NIMB believes in transparency and follows a clear Standard Tariff Charges (STC) list for all fees and costs related to the Auto Loan. If you wish to pay off your loan early, NIMB supports that as well. There are no prepayment charges for loans below or equal to NPR 5 million. For loans above NPR 5 million, standard prepayment fees apply, as per NRB guidelines. This gives customers the flexibility to close their loan accounts early without any hidden surprises.
Documents Required For Loan Application
The application process is simple, but applicants must provide the necessary documents. These include:
Personal documents such as a citizenship copy, PAN card, and KYC form
Income documents like salary slips, tax receipts, or business audit reports
Vehicle documents such as the proforma invoice or quotation, and the blue book, if used
Collateral and guarantee documents, including insurance, property mortgage (if applicable), and a promissory note
For salaried individuals, documents showing salary credit into a bank account or income tax payment are required. For remittance earners, a minimum of four valid remittance transfers must be shown. In case of business income, audited financial reports and projections must be submitted.
Why NIMB Auto Loan Is The Right Choice?
NIMB Auto Loan is not just a way to finance a vehicle. It is a complete package that supports your lifestyle and financial goals. Whether you want to buy a personal car, a commercial truck, or an electric vehicle, NIMB offers tailored solutions. The application process is simple, the repayment terms are flexible, and the bank offers complete transparency. Moreover, the bank supports borrowers from diverse income sources—salaried workers, business people, remittance earners, and more.
Conclusion: Drive Your Dream With NIMB
With NIMB Auto Loan, owning a vehicle is now easier than ever. The bank’s customer-focused approach, flexible loan options, and simple process make it one of the best auto loans in Nepal. Whether you are buying your first family car or expanding your business fleet, NIMB is the trusted financial partner that helps you drive your dream forward.
For more: Apply NIMB Auto Loan Nepal
