- For new vehicle; Up to 90% of cost of vehicle, vehicle registration, lien noting fee and insurance – subject to a maximum loan amount as per BOIUL Guidelines.
- For second hand vehicle; Up to 80% of value of vehicle assessed by approved valuer, subject to maximum loan amount as per BOIUL Guidelines.
- In case of salaried employees net take home pay after deducting monthly installment of the proposed loan should not be less than 25% of the gross monthly salary.
- Indicator Prime Lending Rate + as shall be advised by BOIUL at the time of loan application
- Repayment Period; Maximum term of up to 60 months for new car and Maximum term of up to 36 months for second hand (used) car.
- Formal Application stating the amount, purpose, tenor, source of repayment and proposed security.
- Financial Card Number for the borrowing entity.
- Third party guarantee of persons with adequate worth. (Can be waived at the discretion of BOIUL depending on the standing of the borrower)
- BOIUL will register a first charge on the Log book of the vehicle being purchased from the loan.
- The vehicle must be comprehensively insured noting BOIUL as the beneficiary to the vehicle. A copy of the vehicle insurance policy must be obtained from the borrower before drawdown of the loan.
OUR EXCHANGE RATE
