Owning a car is one of the exciting moments in a person’s life because you no longer have to struggle with public transportation and life is a lot easier. Many people think that they have to save up for a long time before acquiring a car but there are easy ways to achieve this through the bank.
Some Nigerian banks provide easy-to-get car loans and applying for these loans is not as complicated as you may think. In this article, we will look at how to get car loans from 4 Nigerian banks – UBA, FCMB, Access Bank and Stanbic IBTC.
Getting a car loan from UBA
Whether it is your first car or you want to upgrade to a higher model, UBA auto loan offers you the chance to own your dream car with a convenient repayment plan. Approved car brands are Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia, and Volkswagen.
UBA car loan features
- Access to reputable auto dealers/retailers
- Convenient repayment terms; up to 48 months
- Competitive interest rate
- Maximum loan amount of N15m
- Minimum equity contribution of 30%
- Mandatory comprehensive insurance and vehicle tracking
Getting a car loan from FCMB
FCMB offers a consumer credit scheme that allows qualified individuals to acquire cars for their personal use. Customers can own a car and pay over a period of time. With an FCMB auto loan, you can easily find the car of your dream, compare prices, mileage and also inspect the vehicle to ascertain the condition.
FCMB car loan features
- Auto-loan amount: Up to ₦30 million
- Interest Rate: As low as 20% per annum
- Equity Contribution: As low as 30%
- Loan repayment tenure: up to 36 months
Getting a car loan from Access Bank
Access bank offers a user-friendly platform for customers to acquire new and pre-owned vehicles in a financially convenient manner. This offer is available to salary account holders, SMEs, and corporates. The bank also partners with a wide range of car dealers including Autochek and cars45 so that customers can have access to a wide range of vehicle brands and models.
Access Bank car loan features
- Open to salaried income persons, SMEs and Corporates
- Equity contribution as low as 10% of the invoice value
- Competitive pricing
- Up to 48 months tenor
- Wide variety of vendors to choose from
Getting a car loan from Stanbic IBTC
Stanbic IBTC Bank offers car loans for both new and used vehicles with a maximum loan limit of N15m and tenor of 48 months. All vehicle brands are also covered in the offer. The bank offers new and existing customers the opportunity to get the car of their dreams with an affordable, convenient and structured repayment plan.
Stanbic IBTC car loan features
- Competitive interest rates
- A variety of partner dealerships to help you find the best car
- Flexible payment terms with a 4-year tenure
- A monthly electronic statement to track your repayments
Getting a car loan is an easier way to finance the purchase of a car than paying a large sum of money upfront. More banks are creating flexible and convenient auto finance loans to make it easier for their customers to achieve the goal of owning a car.
Insurance companies paid N4 billion in claims after EndSARS protests – NIA
The NIA chief assured that some insurance operators were still working to settle genuine claims as most claims from insured businesses had been paid.
The Nigerian Insurers Association (NIA) says Insurance companies paid N4 billion in claims to over 2000 businesses affected by the aftermath of the EndSARS protest after hoodlums took to the streets.
This was disclosed by Mr Ganiyu Musa, Chairman, NIA, on Thursday in Lagos.
The NIA chief assured that some Insurances operators were still working to settle genuine claims as most claims from insured businesses had been paid.
“The number of insured businesses that were affected at the last count was about 2,000 insured loss and the industry has settled N4 billion claims out of N4.5 billion in respect of the #EndSARS protests.
Once they are documented and completed, we have the commitment of our members that the claims will be paid timely,” he said.
He added that the association would continue ensuring members pay genuine claims to clients.
What you should know
Recall Speaker of the House of Representatives, Femi Gbajabiamila disclosed that Lagos State will need about N1 trillion for the reconstruction and repair of the properties and infrastructure that was vandalized and destroyed by hoodlums.
Nigerian payments company, Paystack expands to South Africa
Paystack’s south African expansion began with a six-month pilot phase that started after Stripe’s acquisition.
Paystack, the Nigerian payments company which powers businesses with its payment API has announced that it has expanded its operations to South Africa.
Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack helps businesses in Africa get paid by anyone, anywhere in the world. The company was actively present in Nigeria and Ghana before expanding to South Africa.
In 2018, Paystack raised an $8 million series A round led by Stripe. The funding was used for its Ghana expansion. Since expanding to Ghana, Paystack has grown and claims to power 50% of all online payments in Nigeria with around 60,000 customers, including small businesses, larger corporates, fintech, educational institutions, and online betting companies.
The company was later acquired by Stripe for $200M in 2020 for its African expansion. According to Tech Crunch, Paystack south African expansion began with a six-month pilot phase that likely started a month after Stripe’s acquisition. During this phase, the company has worked with different businesses and has grown a local team to handle on-the-ground operations.
What they are saying
Shola Akinlade, Paystack CEO said, “South Africa is one of the continent’s most important markets, and our launch here is a significant milestone in our mission to accelerate commerce across Africa. We’re excited to continue building the financial infrastructure that empowers ambitious businesses in Africa, helps them scale and connects them to global markets.”
Khadijah Abu, head of product expansion, added that “for many businesses in South Africa, we know that accepting payments online can be cumbersome. Our pilot in South Africa was hyper-focused on removing barriers to entry, eliminating tedious paperwork, providing world-class API documentation to developers, and making it a lot simpler for businesses to accept payments online.”
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