Bank of Kigali offers loans for any customer who plans to buy a car.
A Vehicle loan is advanced to enable their customers purchase a vehicle of their choice. Under the individual or personal category and for those employed with a regular income this will usually be a vehicle for personal use. The vehicle can either be new or used but should have a resale value and serviceable at the point of application. The loan is usually short to medium term in duration because of the depreciation impact on the vehicle with the passage of time. The customer is expected to comprehensively insure the vehicle during the life of the loan.
- Competitive interest rates
- 7-10 days processing period
- Payment term up to 4 years
- Exposure to other loan facilities
- Application letter
- Completed application form
- Valid identification documents of applicant and spouse
- Employment contract/ service certificate
- Last 3 months payslips
- Proforma Invoice(If purchasing from a car dealer)
- Provisional sale contract( if purchasing from a third party)
- Copy of the yellow card and photos of the vehicle
- Proof of 30% participation
The benefits of getting a vehicle loan from the Bank of Kigali are that the customer gets up to 100% financing. Besides, the loans are processed and paid within not more than two days.
A vehicle loan is important as it enables a customer buy a car of their choice regardless of their financial status.It also eliminates the pain of saving money to a point of having enough to buy a car.