During the last decade of banking, retail lending has established itself as one of the profitable sectors in the banking industry. Civil Bank has therefore decided to develop and introduce Civil Bank Hire Purchase Loan (CiHPL) as a retail lending product to cater to the prevailing market demands. Hire Purchase Loan will be applicable to private automobiles (cars, jeeps), commercial vehicles (trucks, buses), heavy equipments (excavators, cranes, dozers) and other equipments (hospital equipments, heavy kitchen equipments).
Any Nepalese individual of at least 18 years of age or any company is eligible for a Civil Bank Hire Purchase Loan facility subject to a stable, reliable source of income. The disposable income should be sufficient to serve the loan instalment and due interest.
A company can also apply for a CiHPL if the requirement is well justified.
Civil Bank 'Hire Purchase Loan' limit will be fixed for a minimum and maximum range of NPR 500,000 and 50,000,000 respectively for all types of schemes.
The interest rates on the Civil Bank Hire Purchase Loan will be determined by the competent authority as per the tenure of the loan.
The rate of interest may however be revised from time to time as decided by the management.