Paramount Motors collaborates with Nabil Bank

KATHMANDU:Paramount Motors, the official distributor and seller of the Wuling electric vehicle in Nepal, has established a formal agreement with Nabil Bank to provide excellent financial services to all of its customers.

According to the company, the collaboration was formed to reach Nepali customers interested in the Wuling Binguo EV and to provide financial support.

Wuling, founded in 1928 in Liuzhou, Guangxi, China, has expanded from servicing military equipment to manufacturing aircraft, farming machines, and tractors.

According to the company, this agreement allows customers who are interested in joining the Wuling Binguo EV family to take benefit of Nabil Bank's superior financing capabilities.

They get a seven-year floating loan and facility for up to 80% of the vehicle's value.

Customers can also choose between fixed interest rates of 9.99% for 5 years and 10.49% for 7 years, or a variable interest rate based on the Base Rate + Premium model, with a 1-3% premium and monthly adjustments based on the previous three-month average base rate.

According to the company, the bank will finance up to 80% of the VAT bill for individual loans and 70% for businesses, with a maximum financial limit of Rs 2.5 million.

Auto loan terms can be extended up to a maximum of 7 years for a regular loan administration fee, as per bank policy.

A spokesperson for Paramount Motors Pvt Ltd stated, "We are delighted to partner with Nabil Bank to provide our customers with convenient and accessible financing options for the Wuling Binguo EV." This collaboration marks a significant milestone in our aim to promote electric mobility in Nepal and make Wuling Binguo EVs available to all.

Wuling, founded in 1928 in Liuzhou, Guangxi, China, has expanded from servicing military equipment to manufacturing aircraft, farming machines, and tractors.

In the 1980s, Wuling Company formed a collaboration with Mitsubishi to manufacture vehicles.

SAIC-GM-Wuling formed a joint venture in 2002, which resulted in the success of the Wuling Hongguang MPV and the HongGuang MiniEV, the world's best-selling compact electric car from 2020 to 2022, with over 1.1 million units sold by early 2023. Wuling now offers a varied range of electric and fossil fuel SUVs, MPVs, pickup trucks, and commercial vehicles as part of the Guangxi Automobile Group.