Automobile Loan

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.