Auto Loan
Want a new car?
Having money in your pocket, gives you the confidence to negotiate better. Take advantage of our auto loans.
Incase you didn't know...
This facility is for employees of reputable organisations for the purchase of new vehicles from CIG Motors Limited (manufacturers of GAC branded vehicle).
Features
- Competitive interest rate
- Discounted vehicle pricing
- Free tracking and vehicle registration
- Manufacturer’s warranty (provided by CIG)
- Comprehensive motor insurance with the Bank noted as the first loss payee
- Loan Amount is 33.3% of net monthly income subject to N10 million single Obligor Limit
- Salary domiciliation with minimum of 3 months relationship with the bank
- Maximum tenor of 48 months
- Lump-sum repayment & pre-liquidations is allowed without penalty
- Irrevocable letter of payment of terminal benefits and entitlement (to the Bank)
Pricing Structure
| Item | Value |
|---|---|
| Security deposit | minimum of 10% of financed amount |
| Interest rate | 24% p.a. (subject to change in market realities) |
| Management fee | 1% flat |
| Commitment fee | 1% flat |
| Credit life insurance | 0.5% of financed amount |
| Insurance | 3.5% of asset cost payable annually |
| CRMS search | (N4,000) |
