Asset Finance
Grants MFB asset finance involves purchase of assets of varied nature through our partners for whom we serve as major distributors. These partners include
- LG, Hisense, Midea, BRHUM for your electronic needs.
- iPhone, Samsung, Tecno, Nokia, Infinix and Gionee for your communication needs.
- Big Bull, Mama Gold, Mama Africa Rice, Kings Oil, Power Oil and Grand Soya Oil, Indomie Noodles. Golden Penny Macaroni and Spaghetti for your consumption needs
- Bajaj motorcycles and tricycles for your vehicular needs.
Applicants are advised to choose products under this category if the following criteria are met
Scenario/Condition | Acceptable response |
Finance needed | Physical Asset not cash |
Income source | Stable |
Income fluctuation | None |
Ability to absorb deductions for short to mid term | Yes |
Acceptance of specific named brands for asset financing | Yes |
Ability to obtain more than one category of asset finance | Yes |
Possession of asset | Asset title resides with the Bank until repayment is completed |
Conditions
Applicant can spread the repayment of this
asset for a duration of 4-12 months.
Eligibility
- Salary earner whose salary account is a current account
- Non salary earner who can provide two salary earners to stand as surety
Documentation required
- Account
opening form for new customers - Asset Finance form
- Application form stating amount, duration and purpose
- Valid means of identification and recent passport
- Six months salary statement of account
- Two guarantors with work ID and payslip (if on IPPIS) and post dated cheque (if not on IPPIS)
.