This product is a medium term asset finance loan which offers credit facilities to SME customers who have operated their accounts satisfactorily and demonstrate the need for a vehicle to support their operational activities. The Bank will finance 80% of the asset cost of the vehicle whilst the customer makes an equity contribution of not less than 20%.

This solution meets your assets needs through structured and comprehensive funding solutions.

Help to buy a vehicle or generator

Auto Loan or Asset Acquisition can help you make your dreams of purchasing a new vehicle or generator a reality, by offering you up to 90% of the cost of the asset.

Features

• Sold by approved Ecobank vendors
• Convenient repayment plans

Our Vehicle and Asset Finance (VAF) is a medium-term facility tailored for our salaried and non-salaried customers to buy movable and immovable assets, such as motor vehicles and power generators for your own use.

What you should know

• Minimum Loan Amount: USD 10,000
• Minimum Loan Amount: No Limit

Key Features

• Your terms - Choose to repay your loan at the pace you're comfortable with
• Self-service - Manage repayments on the go using our mobile banking app
• Currency Options - Facility available in US dollars and cedis
• Flexible repayment - Flexible repayment options through our salary account or direct payroll deduction

What you get 

• An advance of up to 60% of your disposable net monthly salary (after all monthly loan deductions and commitments have been paid)
• Minimum overdraft limit of GHS100
• Facility limit renewal subject to satisfactory account performance
• Monthly pay back of used limit or a clean-up cycle of 30 days
• Facility fee of 2% (minimum GHS50) charged on approved limit and at each renewal
• No maximum overdraft limit
• Credit Life insurance premium of 0.84% on approved limit against death and permanent disability
• Interest applies only on portion of overdraft used each month

How to get 

• Work for any Stanbic profiled organization
• Earn a minimum salary of GHS400 a month
• Minimum salaried account relationship of:
  • One month – Workplace Banking Scheme companies/organizations
  • Three months – non-Workplace Banking Scheme companies/organizations
• Customers with salaried Stanbic Current Account
• Fill in a Personal Overdraft/Salary Advance application form and attach the following documents:
• Statement of account from previous bank (new to bank applicants only)
• Pay slips from the past three months
• Overdraft will be approved subject to a positive reference from credit bureau