Personal Vehicle Loans
Service/Product Target (Who Is The User In Mind)
Business and salaried customers who want to purchase brand new/ second hand and reconditioned vehicles
Product Attributes/ Features: How Does The Product Work?
- Max - Dependant on financial capacity of the customer
- Maximum repayment period of 36 months for reconditioned and second hand, 48 months for brand new vehicles
- Second hand vehicles should be less than 5 years.
- Reconditioned vehicles should be less than 10years
- Accessible by NBM and non NBM customers.
Costs To Access The Product
- Minimum interest rate of RBM reference rate +10.1% pa
- 1% arrangement fees of the consideration plus VAT
- 0.6% stamp duty of the consideration plus VAT
How To Access Product
Available to NBM account and non NBM account holders in confirmed employment.
- Fill a credit application form
- Submit latest pays lip
- Submit letter of undertaking from employer.
- Copy of valuation report – for second hand or recondition vehicles.
- Copies of import documents (Custom Clearance and Police Clearance Certificate) for newly imported vehicles
- Invoice from supplier
- Bank statement for at least 12 month if account is held with other banks.
Terms and Conditions
Customer to provide for monthly repayments