Nepal Rastra Bank has removed the concessions provided on electric vehicles.
With the aim of encouraging e-mobility in Nepal, the facility to take a loan of up to 80 percent on electric vehicles has been reduced to 60 percent.
Nepal Rastra Bank has made arrangements for up to 60 percent downpayment on electric vehicles along with petroleum vehicles through its semi-annual review.
Currently, there is a provision to take out a loan of up to 80 percent for electric vehicles and only 50 percent for petroleum-powered vehicles.
The Nepal government had made taxes and loans easier to promote electric vehicles. Even now, the government has imposed lower customs duties and excise duties on electric vehicles compared to petroleum vehicles. The loans given by banks were also higher for electric vehicles and lower for petroleum vehicles. Now, arrangements have been made to provide loans equally to petrol and electric vehicles.