VEHICLE LOANS

Interest rate: 1.25% per month on the reducing balance.

1.3.1 New Car - Requirements

(i) 20% down payment

(ii) letter of offer from vendor (stating selling price)

(iii) job letter

(iv) current pay slip

(v) invoice for Full Comprehensive Insurance

(vi) certified copy for vehicle

(vii) Proforma Invoice

(viii) seven (7) years maximum repayment period

(ix) debt service ratio not more than 35%

Second Hand Vehicle – Requirements

(i) 25% down payment

(ii) letter of offer from vendor (stating selling price)

(iii) job letter

(iv) current pay slip

(v) invoice for Full Comprehensive Insurance

(vi) certified copy for vehicle

(vii) valuation of vehicle

(viii) five (5) years maximum repayment period

(ix) debt service ratio not more than 35%

Roll on – Roll off Vehicle – Requirements

(i) 35% down payment

(ii) letter of offer from vendor (stating selling price)

(iii) job letter

(iv) current payslip

(v) invoice for Full Comprehensive Insurance

(vi) certified copy for vehicle

(vii) valuation of vehicle

(viii) four (4) years maximum repayment period

(ix) debt service ratio not more than 35%