About the product
The facility targets permanently employed applicants from parastatals and blue chip companies. This product will serve also under corporate finance whereby all employers with car scheme for their managers can access finance to purchase brand new cars or demo units for their managers under car scheme arrangements. Under corporate finance the companies and parastatals can buy brand new pool vehicles too. Organizations can buy office equipment, core software and build data centres using this facility too. Asset Finance Facilities are recoverable in maximum 48 months. Under this sub-category, employers enjoy substantial interest rate cuts and other waivers.
In case of ordinary employees buying motor vehicles must not be older than 8 years. Employees are allowed to utilize this facility to acquire land or redeem mortgages. Employees are required to register the title of assets acquired under this facility in the name of FMC and surrender those title documents to FMC too.
The Employer must submit audited accounts annually. The facility is available to employees of the organization who are confirmed and are not under any disciplinary issues. The facility’s intention is to entirely relieve employers of the cash flow and management burden of Car loans for Staff, Car Scheme managers buying brand new vehicles including the organization itself buying pool cars.
The employee must physically submit an application through the employer to FMC. All IDs, Letters of Undertaking and other KYC requirements must be attached to the Application Form. The loan shall be approved within 4 days and once the loan has been accepted, disbursed by direct payment to the motor dealer in case of brand new vehicles and second hand vehicles to the vendor. All Asset Finance Facilities and Leases shall carry full service package and maintenance contracts covering the loan period. The entire loan including interest shall be recovered within 48 months.
In case of ordinary employees buying motor vehicles must not be older than 8 years. Employees are allowed to utilize this facility to acquire land or redeem mortgages. Employees are required to register the title of assets acquired under this facility in the name of FMC and surrender those title documents to FMC too.
The Employer must submit audited accounts annually. The facility is available to employees of the organization who are confirmed and are not under any disciplinary issues. The facility’s intention is to entirely relieve employers of the cash flow and management burden of Car loans for Staff, Car Scheme managers buying brand new vehicles including the organization itself buying pool cars.
The employee must physically submit an application through the employer to FMC. All IDs, Letters of Undertaking and other KYC requirements must be attached to the Application Form. The loan shall be approved within 4 days and once the loan has been accepted, disbursed by direct payment to the motor dealer in case of brand new vehicles and second hand vehicles to the vendor. All Asset Finance Facilities and Leases shall carry full service package and maintenance contracts covering the loan period. The entire loan including interest shall be recovered within 48 months.
Price
42% pa calculated on declining balance
Contact with supplier
Company