This is a facility that allows customers to own a vehicle of their choice. The vehicle is purchased through the bank.
Target customers
- New and Prospect salaried customers
- Group Schemes/Workplace Banking customers
- Corporate and SME customers
Repayment period
- Maximum of 96 months for brand new assets.
- Maximum of 60 months for second-hand assets
Loan Requirements
Individuals/ Salaried Customers
- Three recent pay slips
- Active salary account
- Letter of undertaking from the Employer
- Valid ID
- Maintain an active NBS account for 6 months
- Offer letter or Sale Agreement from seller
- Income to Installment ratio of not more than 50%
- Clean CRB report
- Customers should be employed for 6 months
- Copies of vehicle documents
SME Requirements
- 12 months cash flow projections
- Quotation of the asset from the supplier
- Latest audited accounts
- Partnership Agreements/Trust deeds if business is a partnership or Trust
- Clean CRB Report
Corporate Requirements
- 12 months cash flow projections
- Quotation of the asset from the supplier
- Memorandum/Articles of Association
- Minutes of the approval by the Board stating the need and amount to borrow
- Clean CRB Report
Further requirements may include
- Identification of motor vehicle not older than 8 years
- Quotation of asset from the supplier
- Vehicle year of make plus repayment period should not exceed 12 years
- Copies of vehicle documents
- Valuation report
- Sales /offer letter agreement
- Copy of valid ID’S for both seller and borrower
Pricing
Interest rates:
- Base lending rate plus Risk Margin rate
Facility Fees
- Processing fee at 2.5%
- Other Legal Fees