MBL Auto Loan

MBL has introduced “Auto loan” facility to finance individual customers as well as business units for the purchase of brand new or second hand vehicles to be used for personal use. Minimum loan limit under MBL Auto Loan is NPR 500K and maximum limit under MBL Auto Loan is NPR 15,000K. Maximum tenure under MBL Auto Loan shall be 8 years.

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Eligibility:

All Nepalese individuals and business unit registered in Nepal.
The applicant must be at least 21 years of age (as per citizenship certificate) at the time of submission of loan application.
The loan must be terminable before the applicant reaches the age of 70 years.
In cases where salary income has been considered for the assessment of repayment capacity of the borrower, loan must be terminable before the age of retirement, or the borrower reaches 70 years of age, whichever occurs first.
Loan can be approved in joint names (more than one borrower also). However, at least one of the borrowers must meet the above criteria. Only members of an undivided family can be joint borrowers.
Business Units- must be registered in PAN/VAT and other competent authorities as per prevailing laws.

Required Documents:

Duly filled up and signed prescribed application form of MBL.
Duly filled up and signed Multiple Banking Declaration form.
2 photographs of applicant, and guarantors with name and signature on the back.
Copy of citizenship certificate of applicant, collateral owner/s and guarantors (to be verified against the original authorized MBL staff).
Name of father, grandfather and spouse of applicant, collateral owner/s and guarantors along with the details of their undivided family members.
Copy of relationship certificate (in case citizenship certificate does not establish the relationship of the guarantor/land owner with the borrower; such certificates may include birth / marriage certificates, etc.).
Bank Statement of 6 months period.
Copy of land ownership certificate (lalpurja) of the land showing residence of the individual borrower/family, if any.
Registration Documents & Tax Documents in case of business unit as applicant.
Documentary evidence of income.
Quotation of the vehicle with details of price, model, features etc.
Other related documents.