Operational Vehicles

Get the Operational Vehicle loan as part-finance to purchase new vehicles for your business. Only to be used for the day-to-day running of the business only & not for commercial transportation.

Features

  • Maximum loan amount of N10 million.
  • Maximum tenor of 36 months.
  • Minimum equity of 30%.
  • Vehicle must be purchased from a FirstBank approved vendor.
  • Insurance policy on the vehicle.

 

Benefits

  • Supports business growth and expansion by giving beneficiaries the opportunity of purchasing the vehicle with ease.

 

Accompanying Documents

  • Application letter.
  • Duly completed Retail Loan Application Form.
  • Proforma Invoice from FirstBank approved vendors.
  • Company Profile.
  • Current ultility bill.
  • Latest Audited Account.
  • Six (6) Months Bank Statement.
  • Other KYC requirementsfor opening a corporate account.

 

Who Can Apply

  • SMEs with annual turnover up to N3billion.

To Apply for an Operational Vehicle Loan,

Download the Retail Loan Application form

Complete the form and with the accompanying documents, submit at the nearest FirstBank branch

Frequently Asked Questions

1) Can Operational Vehicle Loan be used to purchase automobiles for Commercial Purposes?

No

 

2) Can the beneficiary of this loan insure the vehicle purchased through its preferred Insurance Company?

Yes, but the insurance coy must go through FBN Insurance Brokers.

 

3) Can the bank finance fairly used vehicles?

No

You may also like…

CONTRACT FINANCE BUSINESS

Contract Finance: Our Contract & Invoice Discounting Finance helps you fund bigger contracts without any challenges.

FIRSTCURRENT PLUS BUSINESS

FirstCurrent Plus: Manage your funds and daily transactions without charges or monthly fee with this current account.

FIRSTPAY LINK

FirstPayLink: Set up an effective online money collection process from your distributors/customers with FirstPayLink.

Share this: