Kathmandu, January 21
Owing to the banks’ failure to issue as many auto loans as expected, the central bank is relaxing rules in this regard. Sources at the central bank say Finance Minister Yuba Raj Khatiwada has directed the officials to revise the rules so that the loan applicants can get more than 50 per cent of the price of their vehicles as a loan from a bank.
As per the current rules. consumers must deposit 50 per cent as the down payment on any purchase of the vehicles.
“Since the minister is concerned about the issue, the central bank is preparing to issue a new directive to make the rule easy,” an official says. It has been also learned that the minister also fears that the failure to issue sufficient auto loans might result in a drop in the import of vehicles, and consequently in the venue collection.
Meanwhile, the minister, NRB representatives and officials of some commercial banks held a meeting in this regard at the ministry on Monday.
