TRANSPORTATION LOANS

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Loans shall be granted for the following:
  • Commuter buses
  • Trucks
  • Taxis
  • Vehicles to be used for rental purposes

Age of vehicle Equity Term Interest rate
New 15% of the cost plus comprehensive motor insurance Max. 5 years 9.5% -
10.5%
1 - 3 years old 20% plus comprehensive motor insurance Max. 4 years 10.5% -
11.5 %
3 - 5 years old 25% plus comprehensive motor insurance Max. 3 years 11.5% -
12%
Over 5 years 35% plus comprehensive motor insurance Max. 2 years 12.5%

All vehicles must be comprehensively insured for the entire duration of the loan.

The bank would prefer that buses are driven by the owner.

Acceptable security:

  • Bill of sale stamped to cover the value of the vehicle
  • Assignment of comprehensive motor insurance to cover the value of the vehicle.
  • Legal mortgage over property
  • Assignment of cash deposit

General LOAN APPLICATION FORMFINANCIAL DECLARATION FORM