Vehicle and Asset finance
Standard Bank's Vehicle and Asset Finance facility provides short- to medium-term funding to finance the purchase of moveable assets, such as motor vehicles, for your business. The bank offers competitive and flexible terms for both individual and business customers.
What does it offer me
- Competitive interest rates in both local and foreign currency
- New or used assets may be financed
- An insurance premium financing option is available to assist you with your insurance repayments
- You will receive automatic reminders of insurance expiry
- Loans can be used to finance machinery, office and medical equipment
- Flexible financing terms may be arranged for a period of up to 48 months
- Financing of motor vehicles ranging from saloons , pick-ups prime movers and earth movers is available
- You may also finance second hand vehicles subject to meeting the banks guidelines and conditions
Products and Services offered
1. Finance Leasing Facility
This is a motor vehicle / equipment financing facility where Standard Bank acquires the asset and leases it to the qualifying client over an agreed payment term of between 6 and 60 months
2. Sale and Leaseback
This leasing facility allows Corporates and SME's to convert their existing assets into immediate available cash as working capital, without necessarily losing the usage of the asset.
The subject asset must be valued by the Bank's approved valuer and Standard Bank may pay out up to a maximum of 70% of the asset value under this facility.
Repayment terms may be arranged from a minimum of 6 months to a maximum of 24 months.
3. Insurance Premium Financing Facility IPF
This is a short-term, fixed interest loan facility for the purposes of financing annual insurance premium bills on behalf of clients. The facility is broker driven and made be re-paid over a period of between 6 and 10 months.
4. Standard Bank Motor comprehensive cover
Standard Bank can arrange this insurance cover for clients, under the underwriting arrangement with United General Insurance Company Limited. Alexander Forbes Malawi Limited is the insurance broker