NADA Auto Show: Nabil Bank and Global IME Bank to provide 10.5% auto loan

KATHMANDU:At the NADA Auto Show, Nabil Bank and Global IME Bank are offering auto loans at affordable interest rates.

After three years, these banks participating in the NADA Auto Show, which began on Tuesday, disbursed loans at 10.5%.

Nabil Bank offers fixed loans for 5 and 7 years to customers who are purchasing vehicles.

The bank, which funds up to 80% of electric vehicles, has set a 5-year interest rate of 10.49 percent.

According to Nabil Bank, the interest rate for 7 years is 10.99 percent.

Similarly, Global IME Bank has set separate financing rates for electric and gasoline-powered automobiles.

According to Global IME, electric vehicles will face a 10.49 percent tax, while gasoline and diesel engines would face a 10.99 percent levy.

Commercial vehicles are rather pricey. The loan rate on transportation vehicles and electric vans with 11, 14, and 19 seats has been set at 11.49 percent.

Fuel cars are subject to a 12.49 percent tax. Global IME Bank has mentioned that 0.50 percent administration fee will be levied on electric vehicles and 0.75 percent on ice engine vehicles.

Similarly, Prabhu Bank has provided auto loans at 11.15 percent.

Banks will provide fixed interest rates for 5 to 7 years. It is said that only 1 percent additional premium will be added to the base rate for electric vehicles.