Stanbic IBTC, PAN partner on vehicle financing
STANBIC IBTC Bank and PAN Nigeria Limited, have signed a Finance Lease Agreement, in a move expected to redefine vehicle financing and acquisition in the country as well as empower Nigerians to own new vehicles.
The scheme, according to Stanbic IBTC, will allow the seamless and convenient acquisition of Peugeot range of products by customers, with applicants expected to make an equity contribution starting from as low as 10 per cent of the total value of the vehicle to be leased, and payment period can last for as long as 60 months or five years.
Other benefits of the financing pact, according to the bank, include tax reduction, competitive interest rates, comprehensive insurance policy at lower rates, low equity contribution, among others.
Executive Director, Personal and Business Banking, Stanbic IBTC, Obinnia Abajue, said the bank is honoured to partner with an iconic Nigerian brand like Peugeot.
He added that products’ quality was an important consideration in the bank’s choice of PAN Nigeria Limited and assured that Stanbic IBTC will continue to identify opportunities to provide financial solutions that meet the needs of customers.
He said the Finance Lease Agreement will ensure that customers as well as interested Nigerians have access to vehicles of their choice at a competitive rate and convenient payment terms.
“This agreement underscores our desire to reduce the burden of vehicle acquisition by Nigerians. The fact that Peugeot is Nigerian gives us comfort and Stanbic IBTC identifies with the emotions that the vehicles evoke.
“The uniqueness of this partnership is that rather than fund asset acquisition from capital, the customer can lease the assets while the capital amount is utilised for other investment purposes. As such, applicants have a longer period to pay for the asset without necessarily depleting their capital,” Abajue said.
The Managing Director of PAN Nigeria Limited, Alhaji Ibrahim Boyi, speaking at the MoU signing, said Stanbic IBTC’s pedigree in asset financing made it a natural choice for the partnership.
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