Diaspora Automobile Loan
Diaspora Automobile Loan is a term loan granted to the Diaspora for the purchase/acquisition of brand new or used personal automobiles.
Features
- It is a term loan granted for financing the acquisition of a brand-new automobile,
- The bank shall grant a loan for the acquisition of used automobiles whose manufacturing year is 7 years or less,
- The loan repayment period shall be up to 10 years,
- The bank gives a grace period of six months,
- The bank may require the client to purchase the car from approved vendors if it deems it important.
Benefits
- It enables customers to use funds that would have been expended on vehicle purchases for other purposes,
- The loan amount is determined by the income of the borrower and the cost of the vehicle proposed to be purchased,
- The repayment is through monthly instalments or at other agreed instalment frequencies,
- Attractive interest rate and repayment plan,
- Fast processing and approval time.
Eligible
- Non-resident Ethiopian nationals living and working outside Ethiopia,
- Non-resident foreign nationals of Ethiopian origin,
- Companies owned by the above-mentioned non-residents and located outside the Ethiopian territory for more than one year,
- Ethiopian nationals living and working abroad who can produce authenticated documents.
Requirements
- Loan application forms that are properly filled and signed by the applicant,
- Valid passport and/or identification card,
- For businesses, certificates of ownership entitlement for the organization and/or Articles and Memorandum of Association,
- Proforma invoice or quotation from the dealer/vendors,
- The vehicle needs to be insured throughout the terms of the loan,
- Others as required by the bank.