PRODUCT PURPOSE
The product facilitates the purchase of single user residential plots secured by a lien over the plot being purchased, the product also considers on exception – the financing of plots for multi-dwelling residential use and investment commercial use.
FEATURES AND FUNCTIONALITY
- Age of motor vehicle financed – up to a maximum of 7 years
- Debt to income Ratio – 65% of borrowers Net pay or income being considered as a source of repayment
- Security/Collateral – Vehicle and Asset Finance Agreement, Deed of Assignment, Logbook in joint names and three signed blank transfer forms.
- Source of income – Salary income or other steady incomes sources e.g., rental income.
- Loan currency – SSP and US dollar.
- Amount Financed;
| Car Condition | Amount Financed |
| Showroom Car / New Car | 90% |
| Used Cars | 80% |
- Maximum loan tenor;
| Car Condition | Tenor (Years) |
| Showroom Car / New Car | 5 |
| Used Cars | 4 |
- Interest rate – The Bank Base Rate as advised from time to time plus a margin of up to 10% depending on credit appraisal.
- Facility Fees; 1% of the loan amount
- Interest calculation – based on reducing balance basis
- Minimum loan amount;
• New/Showroom cars – No minimum
• Used Cars – Minimum of SSP 500,000 - Maximum Loan amount is dependent on a customer’s repayment ability and value of the motor vehicle
- Cost in insurance – Comprehensive Car insurance at 5% value of the vehicle paid annually.
BENEFITS
- Financing that covers purchase of new and used motor vehicles