Mr Grama Narasimhan, Executive Director, Retail and Consumer Banking, Sterling Bank, said the bank partnered Tata Africa Services Ltd., to introduce an auto loan scheme for small businesses.
Narasimhan disclosed this in a statement by Mr Ibidapo Martins, Chief Marketing Officer and Head of Corporate Communications, Sterling Bank on Sunday in Lagos.
According to Narasimhan, the scheme was introduced to empower Micro, Small & Medium Enterprises (MSMEs) to acquire operational vehicles to boost their operations through timely and hitch free delivery of products and services to customers.
“This scheme is close to our heart at Sterling Bank because the efficient delivery of goods and services as well as the development of every aspect of the transport value chain will elevate SMEs, boost trade, create jobs and economic opportunities,” Narasimhan said.
He said interested customers were expected to contribute 20 per cent or a maximum of 80 per cent of the cost of the vehicle.
Commenting on the initiative, Mr Suraj Prakesh, Auto Head, Tata Motors Ltd., said the company partnered the bank to offer value propositions in commercial auto finance through its wide product range of cars, buses, semi-trucks, trucks, delivery vans and after sales services.
Prakesh said the proposition would cover ease of acquiring operational vehicles on credit to meet business needs in 72 hours and discount on every automobile financed through Sterling Bank.
He said it would also involve free spare parts for all the automobiles and opportunity to acquire a maximum of three units of the different brands of vehicles that were part of the scheme.
According to the statement, Mr Yemi Odubiyi, Executive Director, Corporate and Investment Banking, Sterling Bank, also said the partnership with TATA Motors Ltd., had the potential to create jobs and bring about economic growth for the country.
Odubiyi said, “Remarkably, Tata is currently working on 1000 locally assembled vehicles as part of the effort to transit the transport sector from full import dependence to manufacturing with technology transfer to local players.”
