KATHMANDU, March 3: Syakar Company Ltd, the sole authorized distributor of Honda and Hero Honda motorcycles for Nepal, and Everest Bank Limited (EBL) Tuesday launched an Easy Finance scheme for purchase of Honda and Hero Honda two-wheelers outside Kathmandu Valley.
Talking at a launch function in Kathmandu, EBL Corporate Credit Officer Jagadish Karki said the scheme, which will charge a 10 percent interest including a one percent rebate, is targeted at individuals having fixed sources of income and the existing clients of the bank. The rebate, to be refunded after the final payment, will be recommended by Syakar Company for clients who strictly follow the various conditions of the scheme including timely payment of monthly installments.
Everest Bank (EBL) CEO RK Ummat (left) and Jyoti Group Chairman Padma Jyoti exchanging agreements at a function in Kathmandu on Tuesday.
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“Nepali citizens outside the Valley aged between 18 to 55 years and with valid driving licenses are eligible for the scheme”, he said adding that the borrower should be a permanent resident of the city from where the financing will be availed. If the person is not a permanent resident then he/she should have a guarantor who is a permanent resident.
The scheme is available from 17 EBL branches and 40 Syakar Company sub-dealers. The bank will provide a loan of a maximum 70 percent of the invoice value for the proposed two-wheeler to a maximum of Rs 150,000, with the client having to come up with the remaining amount. EBL has allowed for a maximum period of three years for repayment.
“The income source of the applicant along with spouse should be at least double the equated monthly installment (EMI), which is inclusive of interest and principal,” Karki said. Karki also told myrepublica.com that the bank would consider the source of income of other family members if the applicant is living in a joint-family.
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