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To encourage and simplify vehicle ownership for personal use by millions of Nigerians, First City Monument Bank (FCMB) now offers auto loans of up to N30 million at a reduced interest rate. The FCMB auto loan supports acquiring brand new and pre-owned vehicles (popularly known as “Tokunbo”), with N500,000 as the minimum loan amount that a customer can access for a repayment duration of up to 5 years.
This affirms FCMB’s commitment to improving the social well-being of individuals and enhancing access to credit for higher standard of living for families.
Commenting on the unique value proposition, Divisional Head, Personal Banking of the Bank, 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 fulfil their vehicle ownership dream”.
