For the purpose of simplifying vehicle ownership for Nigerians, First City Monument Bank has said it now offers auto loans of up to N30 million at a reduced interest rate.
According to a statement from the bank, the FCMB auto loan would support acquisition of brand new and pre-owned vehicles (popularly known as Tokunbo) with N500,000 as the minimum loan amount that a customer could access for a repayment duration of up to five years.
The statement mentioned that the offer is to affirm FCMB’s commitment to improving the social well-being of individuals and enhancing access to credit for higher standard of living for families.
Speaking, Shamsideen Fashola, Divisional Head, Personal Banking, FCMB, said, “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."
The statement further explained that the FCMB Auto Loan would make purchasing brand new car easy for Nigerians while spreading the repayment between one and five years.
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