Everest Bank Limited has introduced ‘Bike Loan’ for individuals looking to purchase a new two-wheeler at a competitive interest rate of 9.98% per annum. The company informs that under this scheme, for a tenure of three years, customers can benefit in terms of competitive rate (subject to change). Everest Bank Limited has partnered with different companies for the financing of bikes and scooters.
To be eligible for the loan, the gross monthly income (self-employed/business/salaried & other income) of the borrower along with that of spouse/other family members should be at least double of monthly installment of the loan.
For individuals, the maximum limit is 30 times of net monthly income or loan amount whichever is lower. Similarly, for business concerns, the maximum limit is based on the organization’s needs. For personal purposes, the loan margin should not be less than 50% of the purchase price of vehicles.
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