KATHMANDU, Aug 9: Paramount Motors Pvt Ltd, the authorized dealer for MG Motors in Nepal, has announced a new partnership with NIMB Bank to enhance the accessibility of electric vehicles (EVs) for Nepali consumers.

The collaboration will provide up to 80 percent financing on MG electric vehicles, including popular models like the MG ZS EV, MG4 EV, and MG Comet EV, according to a press statement issued by the company.

Under the terms of the partnership, customers can access streamlined financing options at any NIMB Bank branch, with competitive interest rates set at the base rate plus a 1.00 percent premium per annum. The financing plan requires a minimum 20 percent down payment, making it easier for consumers to own MG’s advanced and eco-friendly vehicles.

The loan approval process is designed to be efficient, with approvals within three working days, ensuring a swift and hassle-free experience for eligible customers.

The press statement further said that the partnership reflects a commitment to promoting sustainable mobility in Nepal, as both Paramount Motors and NIMB Bank work together to make green transportation more accessible. The initiative aligns with NIMB Bank’s broader focus on sustainability and innovation, offering secure financing options in line with Nepal Rastra Bank’s guidelines.

“We are excited to partner with NIMB Bank to make MG electric vehicles more accessible to our customers,” the statement quoted the spokesperson of Paramount Motors as saying. “This collaboration supports our vision of advancing sustainable and innovative mobility solutions in Nepal.”

Paramount Motors aims to continue to lead in Nepal's automotive industry by driving the adoption of electric vehicles and supporting sustainable transportation efforts, the statement added further.