Frequently Asked Questions

You will typically need to provide documents such as proof of identity, proof of income, bank statements, and proforma invoice (VAT inclusive) of the asset you wish to finance. Your Relationship Manager will guide you on the specific documents required.

Vehicles and Assets Finance (VAF) is a type of lending that allows customers to acquire vehicles and other assets of their choice like Generators, Inverters and Solar Power equipment, Electronics and Home Appliances without having to pay the full purchase price upfront. Instead, the asset is used as collateral for the loan, and regular payments are made over an agreed-upon period.

Assets available for financing are New and Used Vehicles, New Generators, New Inverters and Solar Power equipment, Electronics and Home Appliances.

Retail customers of the Bank with salaries domiciled who meet the credit and eligibility criteria. These criteria may include factors such as credit history, income, and employment status.

• Flexible repayment terms
• Competitive interest rates
• Access to a wide range of assets
• Access to the Bank’s approved dealers and partners
• Preservation of cash or capital for other investment purpose.

New vehicles:

• Maximum of 5 years for employees of companies pre-approved.
• Up to 4 years for customers working in Banks

Used vehicles:

• Maximum of 5 years (but vehicle must not be more than 15 years at exit of the facility or at the time the facility will be fully repaid).
• Maximum of 5 years for vehicles that are between 1 – 10-years old.
• Maximum of 4 years for vehicles that are 11 years old.
• Maximum of 3 years for vehicles that are 12 years old.
• Maximum of 2 years for vehicles that are 13 years old.
• Maximum of 1 year for vehicles that are 14 years old.

NB: All used vehicles financed must not be more than 15 years old by exit of finance (that is, facility must be fully paid by 15th year anniversary from date of manufacture)

The Bank does not finance the full cost of the asset. You would be required to make an initial deposit as stipulated below:

• New vehicles - Minimum of 10% of the invoice value of the cars
• Used vehicles – Minimum of 10% of the invoice value of the used vehicles subject to age of the vehicles.
• New power generator – minimum of 10% of the invoice value of the power generator.
• Inverter and Solar Panels –  minimum of 10% of the invoice value of the inverters and solar panels.
• Electronic and Home Appliances – minimum of 10% of the invoice value of the Electronics and Home Appliances.

The collateral for the VAF facility is the asset financed.

We finance popular vehicle brands available in Nigeria.

We finance vehicles that would have been fully repaid on or before their 15th year anniversary from the date of manufacture.

The maximum loan amount you qualify for would be dependent on your income, repayment on other loans and payroll deductions.

Yes, you must open an account with Stanbic IBTC Bank, and your salary must be domiciled to your salary account opened with Stanbic IBTC Bank Limited.

All assets financed by the Bank would be insured under a comprehensive cover and Vehicle Loan Protection Plan to insure the Lessee / Borrower against loss of job, permanent disability, and death.

Visit any Stanbic IBTC Bank Branch, the Bank website or send an email to [email protected] or [email protected]. The team will provide the required guidance and ensure your application is processed.

The vehicle vendor will register and forward the original vehicle documents to the Bank to proceed with your application.

The approval process can vary depending on the complexity of your application and the completeness of the information provided. In general, you can expect a decision between a few working days to a week.