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.
- 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.
- Supports business growth and expansion by giving beneficiaries the opportunity of purchasing the vehicle with ease.
- 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.
Frequently Asked Questions
1) Can Operational Vehicle Loan be used to purchase automobiles for Commercial Purposes?
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?