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.


  • 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.


  • 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.


  • 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.


  • 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.