Banking Khabar/ Nepal Automobiles Association of Nepal automobile exhibition,Tata EV presents NADA Auto Show 2024 has started today (Bhadra 11) at Bhrikutimandap in Kathmandu.
According to Nada, the Nada Auto Show, which will last for 6 days i.e. till 16th of Bhadra, more than 75 thousand people are expected to attend the exhibition. 20 percent discounted tickets are available if bought through the Khalti app.
This year, NADA has emphasised on electric vehicles. Recently, the demand for electric vehicles is increasing. Nearly a dozen new electric vehicle brands are participating in the NADA Auto Show. According to the association, about 2 dozen new and existing electric vehicle models will be exhibited at NADA Auto Show.
CG Motors is displaying brands like Radar, Exping and Avatar through the auto show. These three brands are entering the Nepali market for the first time. CG Motors alone is showcasing 8 brands at NADA Auto Show. Similarly, Leap Motors’ new ‘Masculine’ car is also being launched by Sangrila Motors at the Auto Show.
Business expansion opportunities for banks and financial institutions
Banks and financial institutions have also got the opportunity to expand their business in the fair. In order to increase vehicle loan expansion, banks and financial institutions set up stalls at the fair by announcing ‘auto loan scheme’ at concessional and low interest rates to the customers.
This time, 6 commercial banks and 1 development bank are going to participate in the NADA Auto Show. These banks are going to show their presence at NADA Auto Show, giving priority to four-wheeler electric vehicle loans.
Himalayan, Global IME, Nabil, Sanima, Machhapuchhrre, Lakshmi Sunrise and Mahalakshmi Bikas Bank will have stalls at the Nada Auto Fair this time, bringing easier and cheaper interest rate loan schemes than usual.
Banks and financial institutions can give loans up to 80 percent of the value of electric vehicles and up to 50 percent of the value of petroleum vehicles under the provisions of Nepal Rastra Bank. Under the regulatory provisions, the mentioned banks will give vehicle loans from 7.99 percent to 10.5 percent for up to 8 years.
Banks participating in the NADA Auto Show will offer schemes with low interest rates, easy processing, discounts on premiums and service charges on vehicle loans. Also, mobile banking, internet banking, visa and credit card and other digital services of the bank will be free.
Global IME Bank
Global is going to offer the cheapest vehicle loan in the fair. So far, the bank is offering vehicle loans at an interest rate of up to 12.49 percent. However, the bank is going to give vehicle loans at a minimum interest rate of 7.99 percent to a maximum of 9.49 percent in Nada Fair.
Machhapuchhre Bank
Machhapuchhre Bank has introduced a special scheme for the Nada Auto Show. The bank will participate in the NADA Show and provide vehicle loans at variable interest rates of 9 percent for the purchase of four-wheelers. The bank has fixed the interest rate by adding only 1 percent premium to the base rate. Currently, the base rate of the bank is 8 percent.
The bank will provide such loans for up to 70 percent of the value of electric vehicles for 6 years and 50 percent of the value of fuel vehicles for 8 years. The bank, which usually charges up to 0.75 percent service fee, has mentioned that in the Nada Auto Show, the loan service fee is only 0.25 percent.
Nabil Bank
Nabil Bank has introduced a special scheme for NADA Auto Fair. The bank has set an interest rate of 8.25 percent for up to 5 years and 8.49 percent for up to 7 years for customers who buy vehicles at Nada Fair.
Such a loan scheme has been introduced for both electric and fueled vehicles. The bank, which introduced the loan scheme only for fixed interest rates, said that the service fee will be up to 0.5 percent.
Lakshmi Sunrise Bank
Lakshmi Sunrise Bank, which has been charging a minimum interest rate of 8.99 percent to a maximum of 11.70 percent on vehicle loans, is going to give a special discount on the 14th Nada. The bank will provide loans at 8.99 percent to borrowers to purchase electric vehicles at Nada Fair. The bank is going to provide such a loan for 7 years at a fixed interest rate by charging 0.5 percent service charge.
The bank has fixed the interest rate by adding 1 percent premium to the base rate on fuel vehicles. At present, the bank’s base rate is 8.25 percent, but it will provide loans up to 9.25 percent for the purchase of fuel vehicles at the modified interest rate.
Himalayan Bank
Till now, Himalayan Bank is charging a minimum interest rate of 9.36 percent to a maximum of 12.86 percent for the purchase of vehicles. The bank will provide loans for the 14th NADA Auto Fair at a variable interest rate of up to 9.51 percent.
The bank has added a 0.53 percent premium to the base rate of 9.36 percent for electric vehicles and added a 0.65 percent premium to the base rate of 9.51 percent for fuel vehicles. The bank has mentioned that it will charge 0.5 percent for the service fee.
Sanima Bank
Sanima Bank is going to provide vehicle loans to customers coming to Nada Fair at an interest rate of 8.49 percent to 10.55 percent. The bank is going to provide a vehicle loan at a fixed interest rate of 8.49 percent for 7 years.
The bank will provide vehicle loan at 10.55 percent by adding 2 percent premium to the base rate of 8.55 percent at the adjusted interest rate. Targeting the NADA Auto Fair, the bank will charge only 0.25 percent even the service charge. The bank will provide auto loans only for four-wheeled vehicles.
Mahalakshmi Bikas Bank
Although Mahalakshmi Bikas Bank has a stall, it has not mentioned about the interest rate.
