24th June 2025, Kathmandu
Ready to hit the road in your dream car? Everest Bank makes it easy with its flexible Vehicle Loan! Whether you want a sleek car, a sturdy jeep, a spacious van, or a stylish SUV, we’ve got you covered.
Everest Bank Vehicle Loan Solutions
Designed for individuals and businesses buying vehicles for personal use, this loan offers competitive rates and simple repayment plans. Say goodbye to complicated paperwork and hello to smooth, hassle-free financing. With Everest Bank, owning your perfect ride is closer than ever!
Who Can Apply?
To qualify for this loan, borrowers must have a stable income. The combined gross monthly income of the borrower, spouse, or family members should be at least twice the monthly loan installment. This ensures you can comfortably repay your loan without financial strain. Both salaried employees and self-employed individuals can apply. Businesses with valid needs also qualify under different terms.
Loan Amount And Limits
For individuals, the loan amount can be up to 30 times their net monthly income. However, the loan will not exceed the actual amount needed to buy the vehicle. Business concerns get loan amounts based on their specific requirements. This flexibility allows both individuals and businesses to access suitable funding based on their financial capacity and purpose.
Margin And Loan-to-Value (LTV)
Everest Bank requires a minimum margin of 40% for private vehicles and electric vehicles. In other words, the bank finances up to 60% of the vehicle’s value. This margin helps ensure responsible borrowing and protects both the bank and the borrower. The same margin applies whether you are purchasing a conventional or an electric vehicle.
Interest Rate And Competitive Advantage
The bank offers a competitive interest rate on its vehicle loans. This means you get to enjoy lower borrowing costs compared to many other loan options. A lower interest rate translates into smaller monthly payments and less financial burden. You can check the current interest rate and other terms directly on Everest Bank’s website for the latest updates.
Repayment Terms
Repaying the loan is easy and flexible. The repayment tenure can extend up to seven years. This longer repayment period allows borrowers to choose affordable monthly installments. As a result, you don’t have to rush payments or strain your finances. The loan’s EMI (Equated Monthly Installment) structure helps you plan your budget accordingly.
Security And Collateral
To secure the loan, Everest Bank requires the vehicle to be registered in the bank’s name. This serves as collateral during the loan tenure. Additionally, the bank asks for a personal guarantee from a person acceptable to them. This adds an extra layer of security and ensures that the borrower remains responsible for repayment.
Insurance Requirements
Comprehensive insurance is mandatory for all vehicle loan borrowers. The insurance must include third-party coverage as per the bank’s clauses. This protects the vehicle from potential risks such as accidents, theft, or damage. Insurance not only safeguards the borrower’s investment but also aligns with legal requirements for vehicle ownership.
How To Apply?
Applying for an Everest Bank vehicle loan is straightforward. First, ensure that you meet the income eligibility criteria. Then, prepare the necessary documents like proof of income, identity, and vehicle details. You can visit any Everest Bank branch or apply online through their official website. The bank’s staff will guide you through the process and inform you about the documents needed for verification.
Why Choose Everest Bank’s Vehicle Loan?
Everest Bank offers a customer-friendly loan product with competitive rates and flexible repayment options. The loan caters to various types of private vehicles, including electric models, supporting eco-friendly choices. With a transparent margin policy and clear eligibility requirements, borrowers know exactly what to expect.
Moreover, the bank’s wide network of branches and ATMs makes loan management easy. You can access your account and make payments without hassle. The bank also provides professional support to help you understand every step of the loan process.
Benefits At A Glance
Loan for private vehicles only (non-commercial use)
Eligibility based on combined monthly income
Loan amount up to 30 times net income for individuals
Minimum 40% margin; maximum 60% loan-to-value ratio
Competitive interest rates to reduce cost
Repayment tenure up to 7 years for flexibility
Vehicle registration as loan security
Comprehensive insurance required
Personal guarantee adds security
Easy application process with branch and online options
Conclusion
If you plan to buy a private vehicle, Everest Bank’s Vehicle Loan can be an excellent financial solution. It offers affordable rates, flexible repayment, and clear terms to support your purchase. Whether you want a car, jeep, or electric vehicle, this loan helps you own it with confidence. Visit Everest Bank today or explore their website to start your vehicle loan journey.
For more:- Everest Bank Vehicle Loan Solutions