First Business News Portal in English from Nepal
KATHMANDU: Following the central bank’s notice to implement the fixed interest rate on loansfrom October 17, banks and financial institutions (BFIs) have published their interest rates for different types of loans.
Among all BFIs, Nepal Investment Bank Ltd (NIBL)has set the lowest interest rate on home and auto loans while Nepal SBI Banks has the highest rates for home and auto loans.
NIBL has announced it will provide home and auto loans at the cheapest interest rate of 7.99 percent although its maximum interest rate on the loan is 13 percent. On the other hand, the interest rate set by Nepal SBI bank for these loans is 14 percent.
Similarly, Rastriya Banijya Bank has set fixed interest rate from nine to 11 percent depending on the term of the loan. It has mentioned that the interest rate will be 11 percent for 15-year home loan and 9.30 percent for seven-year auto loan.
Nepal Bank has also fixed interest rate from 9.35 percent to 13.93 percent for the purchase of real estate and vehicles.
Meanwhile, Standard Chartered Bank Nepal has fixed a rate of 10.75 percent for home and auto loans for a period of five years. It will charge interest rate of 11.75 percent for auto loans of up to seven years and 13.75 percent on home loans taken for a period of for more than 10 years.
Likewise, Agricultural Development Bank has maintained fixed interest rate of 9.75 percent to 12 percent on its loans. It has announced interest of 11.25 percent on home loans for a period of more than 10 years.
In the meantime, Nabil Bank will be charging 11 percent interest on 15-year home loans.
NMB Bank has fixed its rate at 9.49 percent to 13.99 percent depending on the term of the loan. For 15-year home loans the interest has been fixed at 12.25 percent and for auto loans of more than three years the rate is 10 per cent. It has set a low rate of 9.30 percent for purchase of electric vehicles.
Machhapuchchhre Bank has set interest of 9.89 percent for five-year home loans and 11.89 percent for 10-year auto loans.
Meanwhile, Global IME Bank has set fixed interest rate of 11.99 percent for home loans of over 15 years and auto loans of over five years.
Siddhartha Bank has maintained fixed interest rate of 10.75 percent on home loans for a period of more than 10 years. It will provide auto loans for more than five years at 10.99 percent interest rate.
Similarly, Bank of Kathmandu has set 11.98 percent interest on 15-year home loans and 11 percent interest on auto loans.
Likewise, Sunrise Bank has also set fixed interest rate of 10.30 percent to 13.30 percent depending on the term. Its interest rate for home loans of up to 15 years and auto loans of up to eight years is 11.30 percent.
Sanima Bank has set interest of 13 percent for loans of above three years. In the meantime, Century Bank has set interest of12.74 percent for 10-year home loans and 12.24 percent for auto loans of seven years. It has maintained the fixed interest rate ranging from 11.49 percent to 12.99 percent.
Prime Commercial Bank has set fixed interest rate of 10.30 percent to 12.30 percent.
Similarly, Nepal Bangladesh Bank has fixed its rate from 9.99 percent to 12.99 percent. For home loansof up to 20 years, it has fixed the rate at 11.49 percent and 10.99 percent for home loans of more than five years.
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