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The Bank will finance 50-80% of the total cost with the client financing the rest. |
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Duration ranges from 12 to 48 months the duration being fixed at the beginning of the facility. |
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Interest Charged on reducing balance rate |
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The vehicle is registered in the name of the client and Bank of Africa until the loan is fully paid up. |
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The vehicle must be fitted with approved anti-theft devices. |
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The vehicle must not be more than 8 years. |
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The vehicle must be covered with a comprehensive policy for its full value and the bank interest noted on the policy document. |
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The insurer must be approved by Bank of Africa. |