FCMB is offering a N30 million car loan to make it easier for Nigerians to own a vehicle

To encourage and simplify the ownership of vehicles for personal use by millions of Nigerians, the First City Monument Bank (FCMB) is now offering car loans of up to N30 million at a reduced interest rate. The FCMB car loan supports the acquisition of new and used vehicles (commonly referred to as “Tokunbo”), with N500,000 as the minimum loan amount a customer can access for a repayment term of up to 5 years .

This confirms FCMB’s commitment to improving the social well-being of individuals and improving access to credit for a higher standard of living for families.

Commenting on the unique value proposition, the Bank’s Division Head, Personal Banking, Mr. Shamsideen Fashola said, “Owning a vehicle is one of the most exciting times in a person’s life. However, many people struggle to save for a long time to realize this dream. To bridge this gap, we’ve created a value proposition that’s flexible, convenient, and empowering individuals, families, and businesses to realize their dream of owning a vehicle. Nigerians can now finance their dream vehicle with a car loan from FCMB at a reduced interest rate with monthly or annual payment options depending on their income. We therefore urge the public, including but not limited to employees, to take advantage of this opportunity to realize their dream of owning a vehicle”.

FCMB Auto Loan allows qualified Nigerians to partially finance the purchase of new and used vehicles while spreading the repayment between one and five years. The loan, which depends on the type of vehicle to be purchased, is open to salaried individuals and self-employed Nigerians.

According to the National Bureau of Statistics (NBS), the number of registered vehicles in Nigeria is 13 million. However, vehicle ownership in the country has declined due to rising prices. This is due to foreign exchange and import problems, leading to a drastic reduction in purchasing power and a drop in sales in the automotive industry.

A not-for-profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as Group Managing Director. The Bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints for the poor and small businesses. FCMB’s intervention in the automotive sector aligns with Goals 3 and 10 of the Sustainable Development Goals (SDGs), which relate to well-being and the reduction of inequalities.

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FCMB offers 30 million naira car loan… FCMB offers 30 million naira car loan…

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