The Cedrus Bank Car Loan offers clients the opportunity to finance their new or pre-owned vehicle of choice, with a comfortable repayment scheme.
The fast approval process of the loan is complimented by all risk insurance and life insurance policies, with additional features included.
Loan Characteristics
- Currency: USD
- Minimum Down Payment: 40% of car price - Terms & Conditions apply
- Repayment Period: Minimum 1 Year | Maximum 4 Years
- File Fees: USD100/ year
- Applicant's Age: 21 to 64 years at loan maturity
- Flat Interest Rate: 7.75%
Required Documents:
Personal Documents:
- Copy of ID or copy of valid passport
- Copy of driving license
- Proof of residence (mayor certificate or latest utility bill showing the address)
Proof of Income:
- Employee:
- Certified employment certificate
- Statement of account showing salary credit for the last 6 months
- Self-Employed:
- Valid Syndicate membership &/or practicing certificate if applicable
- Statement of account for the last year
- Company legal documents (commercial circular, commercial register, etc)
- Copy of title deed or rental contract for work place
Guarantees
- Life insurance covering the loan amount
- Motor insurance for the car subject of the loan
- Car mortgage to the favor of the Bank
Cedrus Bank reserves the right to review/amend the conditions and terms specified in this proposal at its discretion and without prior notification. Terms & conditions apply.