Access Bank Plc has unveiled a new vehicle financing initiative designed to help individuals, small businesses and corporate organisations acquire vehicles without the burden of large upfront payments.
The programme, known as Access Auto Fest, was launched in partnership with leading automobile distributors in Nigeria, including CFAO Motors Nigeria, CIG Motors, Elizade Motors, Kewalram Chanrai Group, Mikano Motors Division and Stallion Group.
The bank said the initiative aims to remove financial barriers that prevent many Nigerians from owning vehicles while improving mobility for personal, commercial and operational purposes.
What Access Auto Fest Offers
Under the scheme, eligible customers can access financing of up to 90 per cent of a vehicle’s value, while providing a minimum equity contribution of 10 per cent.
According to Access Bank, loan applications will be processed through a digital platform, with credit decisions expected within 72 hours.
The programme allows customers to:
- Select a new vehicle or certified pre-owned vehicle.
- Apply for financing online.
- Complete the vehicle purchase process digitally.
- Receive approval within 72 hours, subject to meeting requirements.
- Access vehicle delivery and documentation after approval.
Who Can Apply?
The vehicle financing programme is open to:
- Salaried individuals
- Business owners
- Small and Medium Enterprises (SMEs)
- Schools
- Hospitals
- Corporate organisations
Businesses can also use the facility to purchase vehicles for logistics, staff transportation, operations and fleet expansion.
Benefits for SMEs and Businesses
For SMEs, the scheme provides an opportunity to acquire vehicles without tying down significant capital.
Businesses can improve:
- Product delivery and distribution
- Customer service operations
- Logistics efficiency
- Fleet management
- Business expansion plans
The inclusion of certified pre-owned vehicles also creates a more affordable entry point for customers who may not wish to purchase brand-new vehicles.
Loan Restructuring Option Available
Access Bank disclosed that borrowers who encounter repayment challenges may be eligible for loan restructuring options, providing additional flexibility during the repayment period.
Industry Stakeholders Back Initiative
Automobile partners participating in the programme described the collaboration as a practical solution that will make vehicle ownership faster, easier and more affordable for Nigerians.
They also noted that the initiative could contribute to the growth of Nigeria’s automotive sector by increasing vehicle accessibility and supporting demand across the industry.
How to Apply
Interested customers can visit Access Bank’s official channels or any of their branch close to you for information on eligibility requirements, participating vehicle brands and application procedures.
As transportation costs continue to rise across the country, the Access Auto Fest programme offers a flexible financing option for individuals and businesses seeking a more affordable path to vehicle ownership.
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