This covers financing activities relating to transport with respect to acquisition, repairs and insurance of commercial vehicles.
Eligibility/Requirement
- The client must be a customer of the Bank.
- Must have satisfactorily operated account for not less than six (6) months.
- The client must be willing to register with a Transport Union within the catchment area of the Bank.
- Must have lien of not less than 20% of amount applied for in account.
- Certificate of registration and comprehensive insurance in the customer`s.
- Valuation report from State Transport Company (STC) if the vehicle is to be used as security.
- The vehicle to be purchase should not be more than five (5) years by registration
Other Securities apart from the Vehicle involved
- Personal Guarantees and anyone of the below listed items
- Financial Instruments
- Landed properties
- Movables properties
- Cash lien