This product is for financing of Commercial Vehicle i.e. Bus, Trucks, Taxi, Jeep, Microbus, Heavy equipments like excavator, roller, dozer etc to be used for the purpose of public transport or official use by business firm/companies and repayment of which is dependent on its own earning/business income.
Last Updated Date: May 16, 2022
Nepal Credit & Commerce Bank Ltd. (NCC Bank) formally registered as Nepal - Bank of Ceylon Ltd. (NBOC), commenced its operation on October 14, 1996 as a Joint Venture with the Bank of Ceylon, Sri Lanka. It was then the first private sector Bank with the largest authorized capital of NRS. 1,000 million. The Head Office of the Bank is located at Bagbazar, Kathmandu. The name of the Bank was later changed to Nepal Credit & Commerce Bank Ltd., (NCC Bank) on 10th September, 2002, due to transfer of shares and management of the Bank from Bank of Ceylon, to the Nepalese Promoters. NCC Bank completed 23 years of its banking services on October 14, 2019 and recently entered into a historic merger with four Development Banks – Infrastructure Development Bank Ltd., Apex Development Bank Ltd., Supreme Development Bank Ltd. and International Development Bank Ltd. NCC Bank started its joint transaction from January 01, 2017 has now become one of the largest private sector commercial banks. At present NCC provides banking services and facilities to rural and urban areas of the country through its 120 branches, 85 ATMs and 4 Extension Counters scattered all over the country from Far West to Far East. The Bank has developed a corresponding agency relationship with more than 150 International Banks having a worldwide network.
Required documents for Auto Loan
An Auto Loan is taken by borrowers to purchase a new or used private or commercial vehicle. Auto loans are secured loans where the vehicle itself is used as collateral. It is offered by lenders for new cars, used cars, two-wheeler (generally called a Two-wheeler Loan), and commercial vehicles (generally called a Commercial Vehicle Loan). Auto loans can be used to purchase either new or used vehicles. The term of an auto loan typically ranges from 24 months to 60 months, though longer loans with 72 or 84 months are becoming increasingly common. Most lenders limit the term lengths to 48 or 60 months for older car purchases, as used cars are riskier to finance. This is because car value generally declines over time, unlike home value. Accordingly, if the car being financed is also used as collateral, lenders need to make sure that it will be worth enough to cover their losses if the borrower defaults. Because of the rapid depreciation of car value, shorter loan terms and larger down payments are most advisable for auto loans.
An auto loan with a low monthly payment might look like a good option, but that can actually cost you significantly more over time. And the loans you’ll be offered will also vary depending on different factors, like your income source, valuation of property with unstable sources can make it harder to get the best loan offers. Here are things to look for and steps to take if you want to save money on your car loan:
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