Financial institutions in Nigeria now offer car loans to both individuals and business owners.
Essentially, these loans are a credit facility for full or half payment purchase of brand new vehicles for personal use by staff of private and public sector organizations, whose salaries and allowances are domiciled with them.
Some banks call it an auto loan or financing when it’s one to nine vehicles, which changes to fleet financing when it’s ten or more vehicles.
For many Nigerians, getting the required loan support for a car purchase is very tedious, but, not with Stanbic IBTC Bank.
Getting a financial loan from Stanbic IBTC Bank is very easy, provided you have the requisite documentation and a planned, structured repayment system.
With Stanbic IBTC Bank, both new and existing customers can enjoy the facility of a car loan, covering finance for a Mercedes-Benz, BMW, Audi, Land Rover, Peugeot, Renault, Nissan, Toyota, Honda, Suzuki, Mitsubishi, Ford, General Motors, Hyundai, Kia, TATA, Tata, Isuzu, Volkswagen, Skoda, Chrysler, or Porsche.
What the loan offers:
1. You get a repayment tenor of up to 60 months if you’re a salary earner.
2. If you’re self-employed with proven repayment ability.
3. Eligible customers must make an equity contribution of 10% (for customers with Stanbic IBTC Bank salary accounts) and 20% (for customers without salary domiciliation and for business owners).
4. For luxury cars with a cost above NGN15 million, a 40% deposit is required as an equity contribution.
Here are the ABC steps on how to get a Loan from Stanbic Bank:
1. A completed application form, which can be accessed at any branch or http://www.stanbicibtcbank.com/Nigeria/Individual/Borrowing/Car-Loans
2. A proforma invoice from one of Stanbic Bank’s approved car dealers
3. Evidence of salary domiciliation or proof of income.