First City Monument Bank (FCMB) has announced auto loans of up to N30 million at a reduced interest rate to support acquiring brand new and pre-owned vehicles (Tokunbo), with N500, 000 as the minimum loan amount that a customer can access for a repayment duration of up to five years.
FCMB’s Divisional Head, Personal Banking, Mr. Shamsideen Fashola, said: “Vehicle ownership is one of the most exciting moments in a person’s life. Yet, many people struggle to save up for a long time to make this dream come true. To bridge this gap, we created a value proposition that is flexible, convenient and empowers individuals, families and businesses to achieve the dream of vehicle ownership. Nigerians can now finance their dream vehicle with an auto loan from FCMB at a low-interest rate with monthly or yearly payment options depending on their income. We, therefore, urge the populace, including, but not limited to salaried individuals, to take advantage of this opportunity to fulfill their vehicle ownership dream.”
FCMB Auto Loan empowers qualified Nigerians to part-finance the purchase of brand-new and pre-owned vehicles while spreading the repayment between one and five years. The loan, which is dependent on the type of vehicle to be purchased, is open to salaried individuals and self-employed Nigerians.
been declining because of increased prices. This is due to foreign exchange and importation challenges, leading to a drastic reduction in purchasing power and sales decline in the auto industry.
A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as Group Chief Executive.
The Bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses. The intervention of FCMB in the automobile sector aligns with Goals 3 and 10 of the Sustainable Development Goals (SDGs), which focus on well-being and reduced inequalities.