Explained: Honda Nepal's 'Ekrupaiya Scheme'

Honda Nepal has introduced a scheme called ‘Ekrupaiya Scheme’ under which the company will provide Honda motorcycles and scooters in easy and accessible installments. The scheme is targeted towards customers who prefer their own private conveyance in the aftermath of the Covid-19 pandemic but want to keep affordability in the check.Honda says this scheme has been announced keeping in mind the convenience and safety of all health workers, security personnel, corporate houses, employees working in corporate houses, educational institutions, and government agencies who work selflessly during the risky time of Covid-19.Installment plan no.1 Customers who want to buy a motorcycle under this scheme have to make a down payment of Rs 1 and repay the loan within a maximum of three years.In addition, all the expenses incurred for insurance and the amount to be transferred have to be paid in advance. As per the company, a 13 percent interest rate will be charged on the timely payment of installments.Installment plan no.2Under this scheme, customers will be able to buy motorcycles by making down payment in 4 different ways.When making a 40 percent down payment in this plan, you will have to pay Rs. 1 installment for the first three months. After that, the remaining amount has to be paid in regular installments.Similarly, when making a 50 percent down payment, you will have to pay Rs 1 installment for the first six months. The remaining amount has to be paid in regular installments after 6 months. Moreover, if you make a 60 percent down payment, you will have to pay Rs 1 installment for the first nine months before the regular installments start.And finally, if you want to make a down payment of 70 percent at the beginning, you have to pay only Rs 1 installment in the first year.All of the plans will charge you a 16 percent interest rate and there is a provision of interest discount on timely payment of installments. This scheme has a duration of 2 years. The insurance amount and ownership transfer amount should be paid in advance.Installment plan no.3Under this plan, customers will get a loan at an interest rate of 1 percent. The loan period will be only 1 year.Under this plan, customers who want to buy a motorcycle or scooter have to pay a 60 percent down payment. In addition, the cost of insurance and the cost of transfer of name has to be paid in advance.Installment plan no.4Under this scheme, customers can choose the loan period up to 3 years and down payment from 20 percent. Customers who purchase a vehicle under this scheme will have to pay the insurance and transfer fee in advance. The plan will charge only 13 percent interest when paying regular installments.This scheme is only valid for Honda CB Hornet 160R, CB Unicorn 150, CB Unicorn 160, CB Shine, CB Shine SP, XBlade, Grazia, Dio, Aviator, and Activa,More information here