Diaspora Automobile Loan
Diaspora Automobile Loan is a term loan granted to the Diaspora for the purpose of purchase/ acquisition of a 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 loan for the acquisition of used Automobile whose manufacturing year is 7 years or less.
- The loan repayment period shall be up to 10 years
- The bank gives grace period of six-months
- The Bank may require the client to purchase the car from approved vendors, if it deems important
Benefits
- It enables customers to use funds that would have been expended on vehicle purchase for other purposes.
- 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 installments or at other agreed installment frequency.
- 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 nonresidents 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 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.