Access Bank has introduced a new vehicle financing scheme offering up to 90 per cent loan coverage for eligible customers through a partnership with Elizade JAC Motors.
The initiative is designed to make vehicle ownership more accessible to individuals, small and medium-sized enterprises (SMEs), and corporate clients by reducing the upfront cost of purchasing new vehicles.
Under the scheme, customers are required to provide a minimum 10 per cent equity contribution, while the bank finances the remaining 90 per cent. Loan approval will be subject to a credit assessment process, including evaluation of cash flow and submission of standard documentation.
Processing time is expected to take up to 72 hours from application to disbursement, according to officials who spoke at the signing ceremony.
Head of Consumer Banking, Lagos & South-West, Charles Oguibe, stated that the facility comes with competitive interest rates and flexible repayment terms of up to 48 months. He explained that customers can acquire any JAC vehicle with just a 10 per cent deposit, while the bank provides the balance as a loan, subject to its credit approval process.
Oguibe added that all loan terms, including provisions related to default, will be clearly outlined in the offer letter signed at disbursement.
Managing Director and Chief Executive Officer of Elizade JAC Motors, Demola Ade-Ojo, described the partnership as a move to enhance affordability and convenience in vehicle acquisition. He said the agreement is built on mutual trust, shared objectives, and a common vision to create sustainable impact for Nigerians.
Group Head of Products and Segments at Access Bank, Chizoba Iheme, noted that the initiative supports the bank’s broader strategy of promoting mobility and economic activity, particularly for businesses in logistics and distribution that depend on vehicle financing.
She explained that the scheme covers both passenger vehicles and commercial models, including pick-ups, for personal and business use. By spreading payments over a defined period, customers can access brand-new vehicles with warranty coverage, helping to ease the burden of high upfront costs that often drive demand for used cars.
The auto financing facility is available to existing Access Bank customers, including salary earners, SMEs, and corporate organisations seeking personal or fleet vehicles. Prospective participants who are not current customers will be required to open an account with the bank to qualify.
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