Hire Purchase Loan

Hire Purchase Loan
 
Who can apply for the loan?
1. Permanent salaried individuals.
2. Professional consultants.
3. Retired individuals from civil services and British/Indian/Singapore police services.
4. Self-Employed businessmen. Individuals whose income source is fixed (such as house rent)
 

Purpose
1. Purchase cars for personal use.
2. Purchase of route buses (chassis and or company built/ local built body).
3. Purchase of pick-up vans.
4. Purchase of mini trucks, trucks, tippers and tankers.
5. Purchase of school/college buses.
6. Purchase of cab, taxies etc.
7. Purchase of Microbuses
8. Purchase of motorcycles, Scooter, etc.
 

Document Required (Identification Documents)
1. Citizenship certificate or Passport of applicants/joint applicants & guarantors
2. Personal net worth and family detail of applicants and guarantors
3. Quotation of the Vehicle
4. Copy of Bill Book (In care of second hand)
5. Copy of Insurance (In care of second hand)
6. Copy of route permit (In case of commercial vehicle)
 

Salient Features :
1. Financing of both new and used vehicles.
2. Financing of up to 60% of the vehicle value.
 

Prepayment & Service Charges
1. 2% of amount prepaid before 1 year.
2. 1% of amount prepaid after 1 year.
3. Service charge 1% of loan amount
 

Tenure
1. Maximum of up to 7 years
2. Repayment : Equal Monthly Installments (EMI)
 

Loan Documentation Fee
Charges as per company’s rules
 

Interest Rate
1. 15% to 16% p.a
2. Loan Amt. up to NPR 10,00,000
 

Insurance Charge
1. Insurance charge as per loan amt.
 

Security
1. Other forms of security may be accepted upon terms and conditions.