Nigerians will now have access to low-interest loan to purchase affordable new vehicles as First Bank Plc and Elizade JAC Autoland signed a partnership agreement. The partnership is one of many in the banking sector as lenders offer vehicle finance to poach customers.
What you need to know: The deal is part of a campaign called ‘Special 30’, which will last till August 4, 2020. The brand new vehicle ownership scheme will be available to only 30 Nigerians monthly.
With Elizade JAC Autoland being the sole authorized distributor of JAC, under the scheme, the applicants will be opportune to purchase JAC passenger vehicles like JAC J4 sedan, S2 fabric seat and leather seat and the S3, but applicants have to be First Bank customers.
Speaking on the partnership with Elizade in a statement, Group Executive, e-Business and Retail Products, First Bank, Chuma Ezirim, said, “At First Bank, we remain committed to promoting initiatives tailored at meeting our customers’ immediate financial and personal needs.
“We are excited about this partnership with Elizade Autoland, in conjunction with JAC motors, as it is a means to own a brand new vehicle with premium vehicular maintenance services and various benefits at cost-effective rates.
“Customers are implored to visit the First Bank branch nearest to them for this amazing opportunity to own a brand new car,” Ezirim said.
The Chief Executive Officer/Managing Director of Elizade JAC Autoland, Demola Adeojo, stated that “For us at Elizade JAC Autoland, we seek ways to enable Nigerians to own vehicles. Now with this scheme, you do not have to cough out the entire cost of a vehicle when you can access a very affordable customer-focus campaign like the Special 30 scheme.”
Why are banks offering vehicle loans? This initiative is one among many in the banking industry, as Nigerian banks continue to offer vehicle loan to enable their customers acquire new vehicles in a financially convenient manner.
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Meanwhile, Banks like Access Bank, FCMB, Stanbic IBTC Bank and many others are offering similar loan in order to attract customers and prevent their customers from switching to competitors easing vehicle ownership.