November 18, 2024

How to Get a Car Loan in Nepal: Rates, Tips, and Eligibility

Four wheeler loan

how to get a car loan in nepal

Are you dreaming of owning a car but need financial help? Buying a car on loan can make this dream come true. Financing a second-hand car or a new one provides financial flexibility by allowing you to spread out payments over the years. A car loan in Nepal is popular among citizens because of its simple application process, eligibility requirements, and payment options. 

Table Of Contents:

What is a Car Loan?
How to Get a Car Loan in Nepal: Rates, Tips, and Eligibility
Rates
Tips and Eligibility
Conclusion
FAQs

What is a Car Loan?

A car loan is a type of financing where individuals borrow money from a financial service provider to purchase a second-hand or new car by making a down payment instead of paying the total price at once. After making a down payment on the car, the remaining amount is borrowed as a loan. The types of car loans in Nepal are as follows: 

Reconditioned Car loan in Nepal

It is a loan given by a financial service provider that helps individuals buy a secondhand car. This reconditioned car meets the quality and safety requirements and is more affordable than a brand-new car.

New Car loan in Nepal

If you want to buy a brand-new car, a financial service provider offers a four-wheeler loan, which can help make your dream of owning a car a reality. This type of car loan in Nepal is a convenient solution if you want to improve your lifestyle with a new vehicle but need financial help.

 How to Get a Car Loan in Nepal: Rates, Tips, and Eligibility

Getting a car loan in Nepal is easier than you think with the best financial service provider in Nepal, Hulas Finserv. Let’s explore this further. 

Rates

Although interest rates at Hulas Finserv might be slightly higher than those at other financial institutions, we offer top-notch services and an easy application process and approval. For reconditioned four-wheelers, we provide a loan covering up to 60% of the vehicle’s cost at a 13% competitive interest rate and a maximum tenure period of 60 months. 

For new four-wheelers, we offer a loan covering up to 40% of the vehicle’s cost at a 14% competitive interest rate and a maximum tenure period of 60 months. However, a loan covering 50% of the car’s cost is available at a 13% interest rate and a 60-month tenure period. 

Note: The rates of our car loans can change from time to time. It’s better to consult our expertise before proceeding with the loans.

Tips and Eligibility

Before taking a car loan in Nepal, one must choose a financial institution. Hulas Finserv can be your trusted financial partner in Nepal. You must meet the following criteria to qualify for a Hulas Finserv car loan. 

  • Borrower must be a Nepali citizen with a minimum age of 18 years and a maximum of 65 years.
  • Must have a stable and regular income and must include proof of income source. 
  • A personal guarantor is required for the loan, and the borrower’s family member must act as the guarantor. However, a third-party guarantor (someone unrelated to the borrower) is also allowed if needed.

Apart from this, one must gather the following documents.

For the Applicant and Guarantor:

  • Passport size photo
  • Citizenship photocopy
  • Valid driving license
  • Proof of income
  • Resident proof

Additional Documents for Business Owners (may vary depending on the business type):

  • Business registration
  • PAN/VAT certificate
  • Tax clearance
  • Loan application on company letterhead
  • Partnership deed
  • Share ownership document
  • Meeting minutes
  • Loan processing authority letter
  • Any other required documents

Once we meet all the above criteria and gather the required documents, you will be ready to get approved for Hulas Finserv’s car loan in Nepal. 

Conclusion

Getting a car loan is hassle-free with Hulas Finserv. Our easy application process with quick approval, together with reasonable interest rates and a flexible tenure period, makes buying your own car no less than smooth and effortless. Take the next step toward owning a car with us to enjoy the convenience of financing. Kindly contact us if you have any questions about the new or second-hand car loan in Nepal.

FAQs

Can I buy a car on EMI in Nepal?

Yes, you can buy a car on EMI in Nepal from Hulas Finserv, a trusted financial service provider. 

How does a car loan work in Nepal?

In Nepal, a car loan allows one to borrow money from a financial institution to buy a new or second-hand car. After making a down payment, the remaining amount is borrowed as a loan, and you repay it in monthly installments, spreading over a tenure period.

Which is the best financial service provider in Nepal?

Hulas Finserv is the best financial service provider in Nepal.

Can I apply for a Hulas Finserv car loan without a guarantor?

No, a guarantor is required for a car loan in Nepal. The guarantor must typically be a family member, but a third-party guarantor (someone unrelated to you) can also be allowed.