Home NEWSBusiness Sterling Bank Partners Tata Africa To Unveil Auto Loan Scheme In Nigeria

Sterling Bank Partners Tata Africa To Unveil Auto Loan Scheme In Nigeria

by Happynaija
Sterling Bank Partners Tata Africa To Unveil Auto Loan Scheme In Nigeria- Happynaija.com

Sterling Bank Plc has partnered with Tata Africa Services Limited to unveil a revolutionary auto loan scheme which offers free spare parts and attractive discounts to business owners.


The novel financing scheme, which has a maximum tenure of three years,

will sort out the logistic challenges facing business owners as

they strive to get products to customers, complete projects,

and transport employees.

First of its kind in the Nigerian market,

the commercial auto loan scheme covers the acquisition of trucks,

semi-trucks, compactors, buses, delivery vans, and others.

It was envisioned to empower Micro, Small & Medium Enterprises (MSME)

to acquire operational vehicles which will in turn accelerate

their growth through timely and hitch free delivery of

products and services to customers.

Speaking during the unveiling ceremony by senior officials of

Sterling Bank and Tata Africa Services, Executive Director,

Retail & Consumer Banking, Grama Narasimhan said,

We are delighted to partner with Tata Africa Services Limited

to improve access to commercial auto loans and best-in-class

operational vehicles to business owners in the country.

This scheme is close to our heart at Sterling Bank because the

efficient delivery of goods and services as well as the development

of every aspect of the transport value chain will elevate SMEs,

boost trade, create jobs and economic opportunities.”


Encouraging business owners to take advantage of the commercial

auto loan scheme to enhance profitability, Narasimhan disclosed that

interested customers are expected to contribute a minimum of

20 percent and/or a maximum of 80 percent of the cost of the

vehicle while Sterling Bank’s funding is subject to change

based on the borrower’s capacity.


He added that the financing arrangement has a maximum tenor of

three years depending on the warranty on the vehicle

and comes with a discount. Tata Africa Services is expected to

provide a discount on every vehicle financed by Sterling Bank and

deliver the financed asset to the borrower within 24 hours

of receipt of advice from the lender,” Narasimhan explained.


Commenting on the initiative, Suraj Prakesh, Auto Head,

Tata Motors Limited said, “We are partnering with Sterling Bank

to offer one of the best value propositions in commercial auto

finance through our wide product range of cars, buses, semi-trucks,

trucks, delivery vans and after sales services.


This proposition covers ease of acquiring operational vehicles

on credit to meet business needs in 72 hours,

discount on every automobile financed through Sterling Bank,

free spare parts for all the automobiles and opportunity to

acquire a maximum of three units of the different

vehicle brands that are part of the scheme.”


Affirming Tata Motors Limited’s commitment to the production

of best-in-class automobiles, Prakesh said,

We have proven ourselves in various world markets like South Africa,

Italy, Spain and the Middle East while competing with all

major international brands.


In these markets, we have continued to gain significant market

share because we domesticate our operations.

Same is being done in Nigeria which led to the recent roll

out of 200 locally assembled vehicles as part of our

commitment to Nigeria’s automotive policy.

Our vehicles are cost effective and made to suite the Nigerian terrain.”

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