Automobile Loans
GBTI’s Automobile Loan Plan is designed for the salaried employee, professional and business individual to purchase a vehicle for non-commercial use.
The amount of this loan can be as high as 80% of the cost of the vehicle, to a maximum of $3.5M (new/reconditioned) and $1.5M (pre-owned but not exceeding 4 years). This would require that the borrower contribute the equivalent of 20% of the vehicle cost.
An interest rate of 15% per annum will be charged under the scheme with the maximum duration of this loan being 48 months (new/reconditioned) or 36 months (renowned). Installments will be repayable on a monthly basis and must not exceed 30% of your gross income.
The requirements for obtaining an Automobile loan are:
1) Employment Confirmation Letter
2) Must be employed for 3 continuous years; proof of business income if self employed
3) Proof of Address
4) Two (2) References
5) Valid Drivers Licence
6) The vehicle must carry comprehensive insurance
A Bill of Sale over the vehicle will be taken as Collateral Security.
