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२९ माघ, २०७७
11th Feb, 2021
Wed, July 17, 2024
वि.सं २०८१ साउन ०२,बुधबार

This Hire Purchase Loan is designed to finance the purchase of public/commercial vehicles for business purpose having sufficient income sources. The loan is availed to individuals or registered firms.

Major highlights:

Loan LimitNPR 0.3 Million – up to Single Obligator Limit (SOL)
Loan Tenure

New Public vehicle:  The maximum time period is 8 years

Old public vehicle:  The manufacturing year of the vehicle is to be taken as 1 year and subsequent time period of loan is taken accordingly.
Loan is to be repaid on Equated Monthly Installment (EMI) basis.

The total financing should not exceed 75% of the total purchase cost in the case of purchase of New Vehicle.

In case of Second Hand Vehicle, financing should not exceed 70% of total valuated price.

(For the purchase of second hand vehicles, price of the vehicle must be valuated/certified by the authorized valuators of Garima Bikas Bank Ltd.)
Other firms and individuals having proposed vehicle income or alternative source of income.
Basic Document

The applicant should provide at the following documents.

  • Completed loan application form of the bank.
  • Completed know your Customer (KYC) form.
  • Map of the applicant's residence
  • Details of guarantors.
  • Copy of citizenship/passport of the applicant and guarantor.
  • Passport size photograph of the borrower and guarantor
  • Firm/Partnership/Company/Institution registration documents.
  • PAN / VAT Registration
  • Latest tax clearance certificate/ tax payment Vouchers
  • Article of Associations/Memorandum of Associations (n case of companies), Partnership Deed (in case of Partnership)/ Other relevant documents
  • Board minutes regarding loan amount /Authorize signatory for operation of account
  • Details of the guarantors
  • Copy of citizenship of Proprietor/Partner/Shareholders and the guarantors
  • Last two years audited financials & Three Years Projection Reports.

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