​Sterling Bank Plc has unveiled an automobile finance partnership deal with Tata Africa Services Limited to provide easy and affordable facility for Small and Medium Scale Enterprises (SMEs), which will enable them acquire various brands of vehicles and spare parts from the auto company.

At the unveiling ceremony by senior officials of both firms, Executive Director, Retail & Consumer Banking, Sterling Bank, Mr Grama Narasimhan, said: “We are delighted to partner with Tata Africa Services Limited to improve access to commercial auto loans and best-in-class operational vehicles to business owners in the country.”

He said the scheme is aimed at empowering micro, small and medium enterprises (MSMEs) to acquire operational vehicles which will in turn accelerate their growth through timely and hitch free delivery of products and services to customers.

“What we are offering here is for SMEs, structured in such a way that it is easy for people to invest. It offers good interest rate, tenure and durable products which are one of the best in the market,” he stated.

According to Narasimhan, interested customers are expected to contribute a minimum of 20 percent and/or a maximum of 80 percent of the cost of the vehicle, adding that the bank’s funding is subject to change based on the borrower’s capacity.

Also speaking at the ceremony, Auto Head, TATA Motors Ltd, Mr Suraj Prakash, said: “We are partnering with Sterling Bank to offer one of the best value propositions in commercial auto finance through our wide product range of cars, buses, semi-trucks, trucks, delivery vans and after sales services.

“The partnership will bring prosperity to the people, help businesses to grow and in general, contribute to the growth of the Nigerian economy. In this partnership, we are taking calculated steps to ensure that it is a success.”

http://kikiotolu.com/sterling-bank-unveils-auto-loan-scheme-for-smes/

My thoughts about this in one word;


Awesome!

This is a good one

Auto loan?

My greatest mistake in life would be taking a loan from Bank.

Oya Olamide come sing on this one again. But why tear tear and old money image used? Abi na that one Dem wan give us?

Good!

Ok

This scheme has been there for some time now or is it another one?

Why not partner with Innosco motor.

Nice one.

Acidosis:


My thoughts about this in one word;



Awesome!

Nothing awesome about Nigerian banks when it comes to loan
The only way to get loan from them without stress is to have 20million in fix deposit or TB then ask for 2 million Naira loan

The best bank ever so far! Thank you sterling and may God bless.

But what's the criteria?

If I were to ask what the interest was?

I would hear something around a 2-digit rate.

How does that?

Not totally their fault.. the MPR is actually something around that.

At the end of the day, it's still the big companies that can access it. SMEs will be sideline in the name of they don't have capacity.

Not this.

I just need need a bank that will give me a loan...




And leave me alone.

Lol

NotBeenPaid:
Auto loan?

My greatest mistake in life would be taking a loan from Bank.

They will not give you.


You have to be credit worthy.

Nonsense

Who win?
Sterling and TATA


Loser?
Gullible loan seekers


Imagine servicing a loan with double digits in an unfriendly economy...Remember its an Indian-Indian handshakes.

Banking in Nigeria is fraud!

AntiWailer:


They will not give you.


You have to be credit worthy.

I still won't take the loan even if I were credit worthy.

Taking a loan from a Nigerian bank is more like digging your own grave.

Sterling Bank Nigeria Plc in partnership with Asian leading car manufacturer TATA Africa Services (Nigeria) Limited has entered into automobile finance partnership with a view to providing easy and affordable facility for Small and Medium Scale Enterprises (SMEs), who wish to acquire various brands of vehicles in the fleet of the auto company.

In line with the plan of the Federal Government to diversify the economy as a result of declining revenue generated from crude oil exports, Sterling Bank has taken a bold step to champion auto finance initiatives by partnering with various car manufacturers, especially to finance the purchase of locally assembled vehicles.

Speaking to journalists, the Executive Director, Retail and Consumer Banking, Sterling Bank, Grama Narasimhan said the event signifies both document signing ceremony and launching of partnership between TATA Motors and Sterling Bank.

“What we are offering here is for SMEs, structured in such a way that it is easy for people to invest. It offers good interest rate, tenure and durable products which are one of the best in the market,” Narasimhan said.

Explaining the features of the auto loan, Narasimhan said the offering comes with 20 per cent down payment and service parts for two years. Other features according to him are: monthly installment of N468, 000 for an LPT1618 10 tons truck; 36 months tenure for large load body area truck of 3.8 square meter with N210,000 instalmental payment; while monthly repayment amount for other lower vehicles begins from N136,000.

TATA Motors recently rolled out 200 locally assembled vehicles, which the company said were made to suit the Nigerian terrain and were cost effective.

According to the partnership agreement signed last weekend in Lagos, Sterling Bank will provide auto finance to prospective customers willing to acquire any brand of TATA Motor Vehicles.

He further explained that the partnership was informed by the current economic headwinds and the need to assist startups in their logistics needs.

Also speaking at the unveiling ceremony, the Auto Head, TATA Motors Ltd, Mr Suraj Prakash said the partnership is a special Ramadan Offer that will usher in other special offers in future.

According to him, the company continues to ensure adherence to local content to ensure availability of cost effective cars in Nigeria.

“It is an honour to us to have succeeded in this phase of document signing ceremony. The partnership will bring prosperity to the people, help businesses to grow and in general, contribute to the growth of the Nigerian economy. In this partnership, we are taking calculated steps to ensure that it is a success. Our vehicles are well assembled and cost effective. Our vehicles are durable, up to standard and made for the Nigerian terrain,” Prakash stated.



http://www.tribuneonlineng.com/sterling-bank-tata-motors-target-smes-in-auto-finance-partnership/

I need more elaboration

Heading sounds good. content is discouraging.

They finance SMEs very well.

Indians helping themselves.

Indians using Nigerians.

bettercreature:
Nothing awesome about Nigerian banks when it comes to loan
The only way to get loan from them without stress is to have 20million in fix deposit or TB then ask for 2 million Naira loan

that is not true , maybe you didn't met criteria, and secondly a check will be run on you so if you have any uncleared loan somewhere it drops your credit rating and chances of securing that loan and some bank at this point would demand for equity.

Ademat7:
Sterling Bank Nigeria Plc in partnership with Asian leading car manufacturer TATA Africa Services (Nigeria) Limited has entered into automobile finance partnership with a view to providing easy and affordable facility for Small and Medium Scale Enterprises (SMEs), who wish to acquire various brands of vehicles in the fleet of the auto company.

In line with the plan of the Federal Government to diversify the economy as a result of declining revenue generated from crude oil exports, Sterling Bank has taken a bold step to champion auto finance initiatives by partnering with various car manufacturers, especially to finance the purchase of locally assembled vehicles.

Speaking to journalists, the Executive Director, Retail and Consumer Banking, Sterling Bank, Grama Narasimhan said the event signifies both document signing ceremony and launching of partnership between TATA Motors and Sterling Bank.

“What we are offering here is for SMEs, structured in such a way that it is easy for people to invest. It offers good interest rate, tenure and durable products which are one of the best in the market,” Narasimhan said.

Explaining the features of the auto loan, Narasimhan said the offering comes with 20 per cent down payment and service parts for two years. Other features according to him are: monthly installment of N468, 000 for an LPT1618 10 tons truck; 36 months tenure for large load body area truck of 3.8 square meter with N210,000 instalmental payment; while monthly repayment amount for other lower vehicles begins from N136,000.

TATA Motors recently rolled out 200 locally assembled vehicles, which the company said were made to suit the Nigerian terrain and were cost effective.

According to the partnership agreement signed last weekend in Lagos, Sterling Bank will provide auto finance to prospective customers willing to acquire any brand of TATA Motor Vehicles.

He further explained that the partnership was informed by the current economic headwinds and the need to assist startups in their logistics needs.

Also speaking at the unveiling ceremony, the Auto Head, TATA Motors Ltd, Mr Suraj Prakash said the partnership is a special Ramadan Offer that will usher in other special offers in future.

According to him, the company continues to ensure adherence to local content to ensure availability of cost effective cars in Nigeria.

“It is an honour to us to have succeeded in this phase of document signing ceremony. The partnership will bring prosperity to the people, help businesses to grow and in general, contribute to the growth of the Nigerian economy. In this partnership, we are taking calculated steps to ensure that it is a success. Our vehicles are well assembled and cost effective. Our vehicles are durable, up to standard and made for the Nigerian terrain,” Prakash stated.



http://www.tribuneonlineng.com/sterling-bank-tata-motors-target-smes-in-auto-finance-partnership/

SME? and i have to pay minimum of #136000 per month? on top only motor? e be like sey dey don high

hollywater:
Why not partner with Innosco motor.

So that Innosson can forge the documents and scam the bank like he did GTBANK?

I took a loan of #900,000 from a bank in 2015 to pay back #1.3m in three years time. But now in 2018 which is the year am to complete my payment, the back says am still owing #1.2m.

I regret ever taking loan from a bank. I will never repeat this mistake again. Now am following them bumper to bumper each month they do their deductions.

JomoGbomo2:


So that Innosson can forge the documents and scam the bank like he did GTBANK?

Get a fu.k out of my mention.

NotBeenPaid:

I still won't take the loan even if I were credit worthy.

Taking a loan from a Nigerian bank is more like digging your own grave.

Trust me that is a poverty mindset.

U will understand later. Do u know how much Dangote owe banks ?

He is still the richest black man.


U get to a level u allow bank run the project u collect ur interest and say ciao.