First City Monument Bank (FCMB) has launched a scheme to encourage many Nigerians to own a vehicle for personal use.
The scheme offers loan of up to N30 million at a reduced interest rate. It is open to salaried individuals and self-employed Nigerians.
Speaking on the scheme, Divisional Head, Personal Banking of the Bank, Shamsideen Fashola, said the FCMB Auto Loan supports qualified Nigerians to part-finance the purchase of brand-new and pre-owned vehicles (popularly known as “Tokunbo”), with N500,000, as the minimum loan amount that a customer can access for a repayment duration of up to five years, according o Guardian report.
However, the loan, is dependent on the type of vehicle to be purchased.
He added that many Nigerians struggle to save up to own their dream vehicle adding that the scheme makes the struggle achievable iat a low interest rate with flexible payment options.
“Vehicle ownership is one of the most exciting moments in a person’s life. Yet, many people struggle to save up for a long time to make this dream come true. To bridge this gap, we created a value proposition that is flexible, convenient and empowers individuals, families and businesses to achieve the dream of vehicle ownership.
“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. We, therefore, urge the populace, including, but not limited to salaried individuals, to take advantage of this opportunity to fulfil their vehicle ownership dream.”
According to the National Bureau of Statistics (NBS), the number of registered vehicles in Nigeria is 13 million. However, vehicle ownership in the country has been declining because of increased prices. This is due to foreign exchange and importation challenges, leading to a drastic reduction in purchasing power and sales decline in the auto industry.