22 July 2024, Kathmandu
In Nepal, NMB Bank is offering a tempting auto loan designed exclusively for electric vehicle (EV) customers.
Own an Electric Car in Nepal!
The NMB Electric Vehicle Auto Loan has an affordable annual interest rate of only 8.99%, and borrowers can repay the loan over up to seven years, making it an appealing alternative for individuals wishing to invest in environmentally friendly transportation.
Key Features of Plans
The features of NMB’s EV loan at only an 8.99% interest rate are discussed below:
- Reasonable interest rate: The loan has a fixed annual interest rate of 8.99%, which is reasonably inexpensive when compared to other forms of auto loans on the market. This rate helps debtors make their monthly installments inexpensive and reliable.
- Extended payment time frame:
The loan could last up to seven years (84 months). This prolonged term enables borrowers to stretch out their payments, lowering the financial impact of a large initial investment in an electric vehicle.
- Excessive Loan Amount: Borrowers can borrow between NPR 500,000 and NPR 5,000,000. This broad range supports a variety of EV models and pricing, allowing clients to select the vehicle that best meets their demands and affordability.
- High Financing Percentage:
NMB Bank provides financing for up to 80% of the starting price of an electric vehicle. Customers just need to give a deposit of 20%, so it’s easier for them to initiate the switch to electric vehicles without a large initial investment.
Eligibility requirements:
The loan is offered to both individuals and businesses, ensuring wide access. Individual applicants must be between the ages of 20 and 65 at the date of the loan’s expiration. Business enterprises, whether new or existing, can also apply, making this loan a flexible choice for a wide spectrum of potential EV customers.
Documents Required:
Borrowers who apply for the NMB Electric Vehicle Auto Loan must submit the following documents:
- Certificates of identity (e.g., citizenship or passport).
2. Employment proof is required to demonstrate the ability to repay the loan.
3. A quote for the electric vehicle supplied by a licensed dealership.
Application procedures
The NMB Electric Vehicle Auto Loan application process is simple to understand. Borrowers might apply online through NMB Bank’s website or visit any of its branches. The bank also offers individualized assistance to applicants throughout the process, guaranteeing a seamless and quick loan request experience.
Advantages of Choosing NMB EV Auto Loan
Many questions might arise before choosing such an amazing offer. Reasons for why to choose this offer are discussed below:
1. Ecological Impact:
NMB Bank helps promote sustainable development by making it easier to buy electric automobiles. EVs emit zero emissions, which helps mitigate air pollution and carbon footprint.
2. Economical:
Electric vehicles often have less costly expenses for maintenance and operation than traditional gasoline or diesel automobiles. With growing fuel prices, switching to an electric vehicle might result in enormous cost savings in the long run.
3. Government Offers:
The Nepali government provides multiple benefits for electric vehicle owners, such as tax breaks and subsidies, which increase the financial appeal of acquiring an EV.
4. Future-proof savings:
As the globe shifts to environmentally friendly energy sources, owning an electric car puts consumers and companies at the center of this transformation, potentially improving the automobile’s sale value soon.
Conclusion
To summarize, the NMB Electric Vehicle Auto Loan @ 8.99% for seven years is a good option for people looking to invest in environmentally friendly transportation. This loan product, with its low interest rate, lengthy repayment time, and high funding percentage, is intended to make the shift to electric vehicles more financially practical and enticing.