This product is designed for individual/corporate entity who desire to purchase any form of automobile (e.g motor vehicles, tricycles etc) for individual or commercial use.
Objective: To support individual/corporate entity to purchase these vehicles
FEATURES:
- Account Opening balance is N5,000 for individual current account and N10,000 for corporate current account
- Minimum of 40% to be provided by customer
- Interest rate @6% per month reducing balance
- Loan application form fee 1,000 for individual and N2000 for body corporate
- Credit search fee 1,000
- The automobile serves as the collateral
- Tenure is 1 to 12 months
- Upfront Charges is 5% flat
- Security: 2 guarantors with 2 leaflets undated cheque, vehicle to be purchased in bank’s name, comprehensively insured and pledge of household items
- Loan will be duly guaranteed