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Checklist for Motor Vehicle Loan:-
- Proof of income (2 last Pay Advice and Salary Verification
Letter/ Income & Expenditure statement (self-employed
persons).
- Proforma Invoice on vehicle being purchased
- Copies of vehicle documents (Certificate of fitness, Registration, Title)
- Valuation Report on motor vehicle
- Quotation for comprehensive Insurance from Insurance company
- Credit Reference (where applicable)
- Valid ID (drivers licence, passport, National ID, Churches ID) & TRN
- 1 passport size photograph
- One recent utility bill (proof of address)
- Names, addresses and telephone numbers (work & home) of 2 references:
- nearest relative NOT living with you
- close friend
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| GET UP TO 100% FINANCING* WITH
UP TO 6 YEARS TO PAY |
| Requirements |
- The member is required to have the qualifying
amount in shares, and be able to provide security
for the
Loan and have the ability to repay.
- Share Requirement - 10% of purchase price for used
vehicle 4-6 years
- Share Requirement - 25% of purchase price for used
vehicle 7-8
- Also required are Proforma invoice;
Insurance quotations; a valuation report and copies
of the vehicle documents.
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| Same day approval/Approval time-table |
- A Motor vehicle Loan is approved within
One (1) to Two (2) days
{24hrs- 48hrs}
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| Repayment Flexibility |
- The time limit for the repayment of a loan for
a new motor vehicle is up to six (6) years
- The time limit for
the repayment of a loan for a motor vehicle 1 – 2
years old is up to five (5) years
- The time limit fro the repayment of a loan
fro a motor vehicle 3 years old is up to four (4)
years
N.B: A loan may be paid
off under the maximum time period that is given. Also
interest rates
may vary depending
on the repayment period selected.
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| Ease of Arrangement of a loan |
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