Equipment or Business Vehicle Loan
An Equipment or business vehicle loan is a fixed contract with the customer to enable them financing the acquisition of equipment or a vehicle.The equipment or vehicle may be purchased for business and personal use (for sole proprietorships and partnerships).
Features
- Repayment spread over an extended period, and matching the lifespan of the asset financed or cash-flow providing repayment
- Medium to long term financing with tenure over 12 months and not exceeding 4 years for second hand vehicles and 5 years for brand new vehicles and all equipment.
Basic Application Requirements
- Copy of the statutory documents (Statutes/Memorandum of Association and Articles
- of Association, Certificate of registration or a copy of identity card for individuals)
- Financial statements for 3 consecutive years (Balance sheet & Income statement) if
- it has been in operation. For the start ups we require opening balance sheet and
- provisional income statement.
- Cash flow projections for the period of the facility.
- Tax clearance certificate from the RRA no more than three months old
- Pro forma invoice for new vehicle/proposed equipments
- Provisional contract of sale and copy of the vehicle certificate for second hand items.
- Proposed security and its valuation report.
