This is a product designed to finance acquisition of automobile for salary account holders in public and reputable private organizations. The financing is based on the concept of cost plus mark-up. The Bank purchases the vehicle and sells to the customer with reasonable markup (otherwise called profit) on a deferred payment basis.
Payment for the vehicle sold to the customer is usually on monthly basis from the customer's salary for a period of 3 to 4 years.
- Salary domiciliation
- Maximum tenor is 48 months (4 years)
- Easy application process