Large Electric Public Vehicles Now Eligible for 80% Loan

Kathmandu. The Nepal Rastra Bank has directed banks and financial institutions to provide loans of up to 80% for the purchase of large electric public vehicles.

Until now, only 60% of the loan was available for the purchase of all types of vehicles. The 80% loan limit was previously only applicable to commercial vehicles and transportation vehicles that were damaged during the Jangi movement and needed to be replaced.

The bank has now increased the loan limit for large electric public vehicles. According to the bank’s directive, ‘80% of the loan can be provided for the purchase of large electric public vehicles used for public transportation.’

This means that if a person buys a large electric public vehicle worth Rs 1 crore, they will only have to pay Rs 20 lakh upfront, down from Rs 40 lakh previously.

Although small vehicles have become increasingly electric, large public vehicles have not yet been fully electrified.