Shine Resunga Development Bank

Head Office : Siddhartha Road, Butwal-8,
Rupandehi 071-551500,551498

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HP Loan-Personal

Target Segment:
  • Individual Nepali Citizen or Entities.
  • Age between 18 years to 70 years (maximum age limited to tenure of Loan) in case of Individual.
  • Individuals with regular source of Income such as from:Employment, Self Employment, Business, Remittance, Rental, Pension etc.
  • Business Entities with regular income from the concerned business.
 
Purpose:
  • Purchase of new vehicle for Personal Purpose/ Business Purpose.
  • For Refinancing of the old vehicle for Personal Purpose/ Business Purpose.
 
Payment:
  • Approved Loan shall be paid through A/c Payee Cheque to the supplier/seller of the vehicle.
 
Loan Tenure:
  • Minimum 1 years Maximum 7 years for new vehicle.
  • For old vehile Maximum 5 years.
 
Financing Criteria:
  • Maximum 50% of the cost of vehicle as per pro forma invoice supported by Tax Invoice for new purchase.
  • Maximum 50% of the valuation amount from listed valuator of Bank for Refinance of old vehicle.
 
Repayment Mode:
  • Repayment shall be on EMI basis.
 
Interest Rate:
  • It shall be the published rate by Bank from time to time.
 
Charges:
  • Service charges, Prepayment charges and all other applicable charges shall be as per Bank's STC policy.
 
Security:
  • Vehicle shall be in the name of the Bank.
  • Additional collateral of Land or Building shall be preferred.
 
Insurance:
  • Property being mortgaged shall be insured sufficiently to cover the Loan amount till the repayment of total loan.
 
Documents Required:
  • Application form with photo from Applicants/ Co -applicants and photo of Personal Guarantor if any.
  • Performa invoice in case of first hand vehicle. Purchase agreement between the applicant and the seller in case of second-hand vehicle.
  • Documents related to income such as Salary sheet, Rental agreements papers, Pension book, Proof of Remit receipt, FS of business.
  • Net worth Statement of Applicants/ Co -applicants and Personal Guarantor.
  • Copy of Citizenship Certificate of Applicants/Co-Applicants and Personal Guarantor if any.
  • Six month’s statements of the saving account maintained by the applicant, if any.
  • If the applicant’s business income is used to justify the cash flows, the applicant shall be required to submit copies of all business related documents such as Registration Certificate, Partnership Deed, Article of Association, Memorandum of Association, Tax Clearance Certificate, PAN certificate, latest Audited and /or Provisional Financial Statements.
  • Driving license compulsory in case of two wheeler.
  • Any other documents to justify the loan that may be decided by the management from time to time or as may be required by regulatory requirement.