Auto loan debuts with discounts for SMEs

Sterling Bank Plc has unveiled a partnership deal with Tata Africa Services Limited to provide auto loan scheme which offers free spare parts and attractive discounts to business owners in Lagos.

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Speaking during the unveiling ceremony by senior officials of Sterling Bank and Tata Africa Services, Executive Director, Retail & Consumer Banking, Mr 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.”

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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.

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Sterling Bank Plc: Auto loan debuts with discounts for SMEs
Sterling Bank Plc: Auto loan debuts with discounts for SMEs

Mr. Narasimhan disclosed that interested customers are expected to contribute a minimum of 20 per cent and/or a maximum of 80 per cent of the cost of the vehicle while Sterling Bank’s funding is subject to change based on the borrower’s capacity.

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Mr. 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.”

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(Daily Trust)

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