Vehicle and Asset Finance
Our Vehicle and Asset Finance (VAF) is a medium-term facility tailored for our salaried and non-salaried customers to buy movable and immovable assets, such as motor vehicles and power generators for your own use.
What does it offer you:
- Minimum loan amount of USD10 000 or cedi equivalent
- Maximum loans:
- No maximum loan for our salaried customers
- $70 000 or cedi equivalent – non-customer salaried account holders
- $50 000 or cedi equivalent – self-employed
- Maximum financing cap
- 90% of asset value – salaried customers
- 60% of asset value - self-employed customers
- 100% financing for vehicles valued up to USD45 000 or cedi equivalent.
- Loan term ranges from 12 to 72 months (term of more than 60 months only for select vehicle models/brands)
- Facility available in US dollars and cedis
- Can be used to buy used or new vehicles and other movable assets for personal use
- Financed assets remain our property for the term of the loan. Ownership is transferred to you after you have made the last repayment
- Flexible repayment options through our salary account or direct payroll deduction.
How much it will cost you:
Competitive variable interest rate in Ghana cedis or US dollars.
- On approval of your loan, you will need to take out comprehensive insurance cover on the asset.
- Facility fee of 2% charged on approved loan amount.
What you need to apply:
- Salaried income earners working for any Stanbic profiled organisation
- Self-employed customers who meet our basic credit assessment conditions
- Minimum net salary of GHS1 000 a month for salaried customers or net turnover of GHS2 000 for self-employed
- Permanently employed and confirmed customer
- Aged 21 years and under 60 years by facility’s expiry date
- Fill in a VAF application form and attach the following documents:
- Pro -forma invoice from dealer
- Valuation reports, customs clearing, import and ownership documents (used vehicles)
- Last three months’ pay slips
- Letter of Undertaking from employer
- Photocopy of valid passport/driver’s licence/Voter’s ID card
- Two recent colour passport-size photos
- Recent utility bill as proof of address (or any other proof, such as a rental agreement)
- Last six months’ bank statements (Non-Stanbic customers).
- Loan will be approved subject to a positive credit bureau report.