BY GRACE AIRHULE
First City Monument Bank (FCMB) has introduced auto loans of up to N30 million for its customers and interested individuals at a reduced interest rate of N500,000 for a repayment period of up to five years.
The initiative, according to the financial services holding company, is to enable Nigerians access and acquire brand new and pre-owned vehicles popularly known as “tokunbo” at minimum interest rates,while spreading the repayment between one and five years.
The bank also stated that the loan, which is dependent on the type of vehicle to be purchased, is open to salaried individuals and self-employed Nigerians.
Commenting on the initiative, Shamideen Fashola, FCMB’s divisional head, personal banking described vehicle ownership as one of the most beautiful and exciting moments in a person’s life.
Fashola however bemoaned that many Nigerians have for a long time, struggled to save up to acquire the vehicles of their dreams to no avail.
To address this challenge, he noted that the FCMB auto loan employs a seamless value proposition targeted at empowering individuals, families, and businesses to part-finance the purchase of their choice vehicles.
He therefore urged the customers and non customers, including, but not limited to salaried individuals, to take advantage of the opportunity to fulfil their vehicle ownership dream.
“Nigerians can now finance their dream vehicle with an auto loan from FCMB at a low-interest rate with monthly or yearly payment options depending on their income,” he stated.