19th August 2025, Kathmandu
As Nepal embraces a more sustainable future, the demand for electric vehicles (EVs) is rapidly growing. To support this green transition, NMB Bank offers a specialized Electric Auto Loan, a retail loan product designed to make owning an electric four-wheeler both accessible and affordable.
NMB Electric Auto Loan
This loan is a key component of the bank’s commitment to promoting a cleaner environment and empowering individuals and businesses to make eco-friendly choices.
The NMB Electric Auto Loan is distinguished by its customer-centric approach, offering competitive features and a streamlined application process. It caters to a wide demographic, including salaried individuals, self-employed professionals, business entities, and even those with a steady remittance income. By providing financial support for electric vehicles, NMB Bank is not just a lender but a partner in building a sustainable and greener Nepal.
Key Features and Benefits
The NMB Electric Auto Loan comes with several attractive features that make it a compelling option for prospective EV buyers. The loan amount ranges from a minimum of NPR 0.5 million to a maximum of NPR 5 million, providing ample financial support for a variety of electric vehicles. The bank offers a financing ratio of up to 60% of the vehicle’s value, helping to significantly reduce the upfront cost for the borrower.
One of the most notable benefits is the loan’s competitive interest rate. NMB Bank has offered an attractive fixed interest rate of 8.99% p.a. for a tenure of 7 years, making it one of the most affordable options in the market. The long repayment tenure of up to 7 years also ensures that monthly installments are manageable, easing the financial burden on the borrower. The bank provides a convenient digital retail loan application, allowing customers to apply online from anywhere, which streamlines the entire process from application to disbursement.
Eligibility Criteria
The NMB Electric Auto Loan is designed to be inclusive, with clear eligibility criteria for both individuals and business entities.
For Individuals:
- Age: Applicants must be between 20 and 65 years of age.
- Profession: The loan is available to a diverse group of professionals, including salaried individuals, self-employed professionals, businessmen, and those with a verifiable remittance income.
- Nationality: Applicants must be Nepali citizens.
- Gender: The loan is available to all genders, reinforcing the bank’s commitment to equal opportunity.
For Business Entities:
- Registration: The business entity must be legally registered in Nepal.
- Financials: Applicants must provide historical financial statements for at least 2 years. If these statements are insufficient, the bank may require projected financial statements to assess the business’s debt servicing capacity.
Comprehensive Documentation
To ensure a smooth and transparent application process, NMB Bank requires a comprehensive set of documents from all applicants. These documents are categorized into three main groups:
A. Identification Documents:
For Individuals: A photograph and a copy of the citizenship certificate are required for the applicant, as well as for the sponsor, guarantor, proprietor, shareholder, or partner, as applicable. An individual PAN certificate is also required. Other key documents include a map of the residence, a net worth statement, and a multiple banking declaration. Applicants must also have an active account with NMB Bank.
For Business/Institution: The required documents include a Certificate of Incorporation, a Firm/Company registration certificate, MOA/AOA, Share Lagat, and a partnership deed, as applicable.
B. Income Documentation:
For Salaried Individuals: A salary certificate (not older than 3 months), a bank statement from the last 6 months, recent salary slips, and tax payment documents are required.
For Self-employed Professionals: Applicants need to provide a certificate of their registered profession, a detailed summary of their income source, proof of at least 3 years of continuous practice, a 6-month bank statement, and tax documents.
For Business Persons: This requires the latest audited financial statements, a 6-month bank statement, company registration documents, and recent tax receipts.
For Other Income Sources: Verifiable income documents such as lease agreements, pension slips, or interest statements are required, along with a 6-month bank statement and tax documents.
C. Security Documents:
- For a new vehicle, the applicant must provide a vehicle quotation from an authorized dealer.
- For a used vehicle, the bank requires a valuation from one of its authorized valuators.
The NMB Electric Auto Loan is more than just a financing product; it is a testament to NMB Bank’s forward-thinking approach to banking and its dedication to a sustainable future. By making electric vehicles more accessible, the bank is playing a crucial role in reducing carbon emissions and promoting a healthier environment in Nepal.
For More: NMB Electric Auto Loan