KATHMANDU: If you are thinking of buying a new car and looking for a flexible auto loan then the NADA Auto Show 2015 is the perfect platform to make a wise decision. As various banks are coming up with alluring auto loan schemes with relaxed interest rates, the auto show will be the perfect place for you to purchase your dream car. Whatever you need will be provided by participating banks at the auto show.

Currently, the majority of banks are offering nine to 10 per cent interest rates on auto loans. However, participating banks will be providing auto loans at even lower rates — around seven to eight per cent. Participating banks at the auto show claim that they will not just focus on competitive interest rates but will also inform about the auto loan process and offer all possible assistance.

“Special interest rate and festive offers definitely leads to an increment in demand for auto loans,” shared company source at Machhapuchre Bank. According to him, there are an increasing number of auto loan seekers who are desperately waiting for the auto show.  “Currently, we are offering auto loans at a minimum interest rate of 8.49 per cent and financing up to 80 per cent of investment so far,” he said, adding that they are planning to come up with a special interest rate of 7.99 per cent at the auto show.

Citing that the auto show is the best platform for both dealers and banking institutions to promote their brands, he said, “The auto show will be equally advantageous for clients to get clear information and compare different brands of automobiles and auto loans under the single roof.”

“For the auto show, we will be providing attractive and reasonable interest rate on auto loans,” said Sudesh Devkota, Head of Consumer Banking at Prabhu Bank, adding that rates  otherwise exists at 8.49 per cent depending on various criteria like client’s income source and the desired brand of automobile.

He is of the opinion that clients for auto loan usually increases before and during the festive season depending on the new launches of automobiles. According to Devkota, the event will also be beneficial to interact with clients regarding different products and services.

“Of late, there has been gradual improvement in the demand for auto loans,” said Sushen Lal Shrestha, Senior Business Development Manager at NMB Bank, adding that they are expecting it to grow during the auto show. Stating that the auto show is considered as one of the biggest auto events by auto enthusiasts, he said, “We are positive and aggressively looking forward to get more auto loan seekers during the auto show.”

Citing that currently they have been offering auto loans at an interest rate of nine to 10 per cent and financing up to 90 per cent, he said, “We are planning to come up with a special rate of around 8.5 per cent at the auto show as clients expect something interesting at the onset of the festive season.”