Everest Bank launches housing and vehicle loans at just 6.52% interest

Kathmandu: Everest Bank is set to provide home and vehicle loans at just 6.52 percent interest.

The bank introduced its “Double Keys One Dream Housing & Vehicle Loan” scheme, offering both loans at a simple and affordable interest rate.

Unveiling the scheme targeted for the festive season, the bank announced quick loan processing, simplified documentation, a flexible loan tenure of up to 35 years, easy monthly installments, and attractive discounts on service charges.

With the revised interest rate, the bank will provide home and vehicle loans at 6.52 percent by adding a 1.25 percent premium over its base rate. The current base rate of the bank is 5.27 percent.

For these loans, the bank has also provided a 0.25 percent discount on service charges. As per Nepal Rastra Bank regulations, commercial banks are allowed to charge up to 0.75 percent service fees. Under this special scheme, customers will have to pay only 0.50 percent service fees on vehicle and home loans.

Similarly, under the “Double Keys One Dream Housing & Vehicle Loan” scheme, the bank will offer home loans at a fixed rate of 7.49 percent for up to seven years. After reassessment of the interest rate, the loan can be extended for up to 35 years, the bank stated.

Under the same scheme, the bank is providing vehicle loans at a fixed rate of 7.49 percent for five years and 8.99 percent for seven years. The bank said the maximum loan amount will be provided as per regulatory provisions.