FCMB Unveils Motor Vehicle Loans For Nigerians, Slashes Interest Rate

First City Monument Bank (FCMB) has unveiled motor vehicle loans for Nigerians of up to N30 million at a reduced interest rate to encourage and simplify vehicle ownership for personal use by millions of Nigerians,. 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 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 a higher standard of living for families.

FCMB Unveils Motor Vehicle Loans For Nigerians, Slashes Interest Rate
FCMB Unveils Motor Vehicle Loans For Nigerians, Slashes Interest Rate

FCMB flexible, Convenient  Motor Vehicle Loans Will Help Nigerians Achieve Dream Of Vehicle Ownership

Commenting on the motor vehicle loans 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”.

FCMB Motor Vehicle Loans empower qualified Nigerians to part-finance the purchase of brand-new and pre-owned vehicles

FCMB Motor Vehicle Loans empower qualified Nigerians to part-finance the purchase of brand-new and pre-owned vehicles while spreading the repayment between one and five years. The loan, which is dependent 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 been declining because of increased prices. This is due to foreign exchange and importation challenges, leading to a drastic reduction in purchasing power and sales decline in the auto industry.

A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as Group Chief Executive.

FCMB is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses. The intervention of FCMB in the automobile sector aligns with Goals 3 and 10 of the Sustainable Development Goals (SDGs), which focus on well-being and reduced inequalities.

Do You Need Quick Or Emergency Best Rated Loan Apps In Nigeria With Low Interest?

In need of an instant loan or an emergency cash loan in Nigeria? You can apply through any of the top loan apps in Nigeria and get funded under 3 hours, a few more hours or within 24 days. No hidden charges, no document needed, no collaterals needed with any of our list of reputable loan apps in Nigeria. One of such reputable emergency loan platforms is Taka loan.

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Instant Loan Apps In Nigeria In Minutes
 Instant Loan Apps In Nigeria Have Changed The Dynamics of The Loan Industry

There are many loan apps designed for urgent and emergency cash if you are a Nigerian and live in Nigeria.  An emergency cash loan is available for anyone who has an urgent financial obligation that cannot wait.

Reliable Best Rated Loan Apps In Nigeria With Low Interest To Borrow From

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If you need reputable best rated loan apps in Nigeria with low interest, you can apply for quick cash loans from other platforms apart from ALAT By Wema app. However if you are a business owner, you can apply for a bigger loan amounts from Lendigo platform. The funds can be used to grow and expand your business.

We should also add that if you are a Nigerian or non Nigerian but resident in United States (USA), you can apply for an emergency cash advance loan even if you have a poor or bad credit rating. Please ensure you avoid like a plague any of the following top 22 loan sharks in Nigeria. They are scam, fraudulent and fake loan apps in Nigeria.

And if you ever planning to study abroad or you have someone who does, then check this out: Top Requirements For Nigerians Planning To Study Abroad In Germany. And if you are a student and need loan desperately even with bad credit, then this is for you. And if you are wondering which option of university to choose to study abroad,
this article will guide you.

 

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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