IZB Auto Finance
Purchase of brand new and second hand utility vehicle. Age of Second- hand vehicle not to exceed 5 years.
- Salaried employees with Government Institutions, NGO’s, Schools, Corporate and reputable business houses.
- Professionals such as Doctors, Accountants, Lawyers etc.
- Self employed people with proven regular income.
- Corporate entities for purchase of company utility vehicles.
- 80% of the cost of the vehicle, subject to repaying capacity+
- Repayment period not exceeding 60 months in case of brand new car and 48 months in case of second hand vehicle . The repayment period not to exceed the left over service period in case of salaried employees.
- Total loan deductions including installment on Auto Fin loan should not exceed 50% of salary net of statutory deductions.
- BOZ Policy Rate plus margin
- 2.5% to 3%
- Charge over motor vehicle financed.
- Employer’s undertaking to remit loan instalments to our bank during tenor of the loan and terminal benefits/gratuity in case of loss of separation.
Customer to complete our standard Auto Fin loan application form attaching the following:
- Copy of invoice for brand new vehicles from a reputable /registered dealer
- Letter of sale in case of second hand vehicles with copy of white book and NRC of the seller.
- Engineer’s report from a reputable garage in case of secondhand vehicles certify
- If importing, copy of invoice should be made available and estimated cost of duty and transportation to be advised.
- Loan amount and customer’s contribution shall be remitted to the supplier of the vehicle as a lump sum.
- Copy of pay slip or proof of income in case of self employed.
- Copy of NRC of the vendor.
Please contact your nearest branch for further details
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