FIRST CITY Monument Bank said it is now offering car loans of up to N30 million at a reduced interest rate to encourage and simplify personal vehicle ownership for Nigerians.
A statement said the FCMB car loan would support the acquisition of new and used vehicles (commonly referred to as Tokunbo) with N500,000 as the minimum loan amount a customer could access for a repayment term of up to five years. .
This confirmed FCMB’s commitment to improving the social well-being of individuals and improving access to credit for a higher standard of living for families, the statement said.
Commenting, Division Manager, Personal Banking, FCMB, Mr Shamsideen Fashola said, “Owning a vehicle is one of the most exciting times in a person’s life. However, many people struggle to save for a long time to realize this dream.
“To bridge this gap, we have created a value proposition that is flexible, convenient and empowers individuals, families and businesses to fulfill their dream of owning a vehicle. Nigerians can now finance their dream vehicle with a car loan from FCMB at a reduced interest rate with monthly or annual payment options depending on their income.
“We therefore urge the public, including but not limited to employees, to take advantage of this opportunity to realize their dream of owning a vehicle.”
The statement said the FCMB Auto Loan would enable qualified Nigerians to partially finance the purchase of new and used vehicles while spreading repayment between one and five years.
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