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.