This is a vehicle loan product. The loan amount approved shall be in tandem with the cost of the vehicle. The vehicle is given to beneficiary owner and the beneficiary is required to do daily sales of an agreed amount as repayment. The vehicle is comprehensively insured in the name of the company and a change of ownership is effected after full payment of the cost of the vehicle plus interest and other charges like insurance.
Repayment is on weekly basis and must be lodged in a savings account opened for the beneficiary for that purpose. The tenor of the loan is 36 months. In the event of default the vehicle will be ceased by the company and sold to defray the outstanding loan amount. .
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