Access Bank Plc has signed a Memorandum of Understanding (MoU) with Peugeot Automobile Nigeria (PAN) to make it easier for customers to buy new cars.
The two firms said the programme, Access Bank/Peugeot Vehicle Acquisition Scheme, would enable more aspiring customers acquire any of the Peugeot models available in the company and spread the payment over a specified period.
The Executive Director, Access Bank, Victor Etuokwu, who was at the signing of the agreement in Lagos, said the process of acquiring the vehicles was easy.
He said the scheme, which began at the weekend, would last for one year while customers are expected to fully repay the loan within four years.
Etokwu explained that to access the loan, aspiring car owners are expected to deposit 20 per cent upfront with 24 per cent interest rate, adding that the partnership was in support of the Federal Government’s automotive policy, which commenced in 2014.