Name of the Organization : Stanbic Bank
Type of Facility : Vehicle & Asset Finance For Businesses
Country : Tanzania
Official Website : http://www.stanbicbank.co.tz/tanzania/Business/Borrowing/Vehicle-and-asset-finance
Vehicle & Asset Finance For Businesses :
Stanbic Bank’s Vehicle and asset finance (VAF) facility provides short- to medium-term funding to finance the purchase of moveable assets, such as motor vehicles, for your business.
Related : Stanbic Bank Personal Current Account Opening Tanzania : www.statusin.org/4805.html
The bank offers competitive and flexible terms for both individual and business customers.
Stanbic Bank’s VAF comes with the option to first right of purchase. Assets which may be financed include :
** Construction equipment
** Agricultural equipment
** Vehicles
** Earth moving equipment and material handling
** Aviation
** Fishing vessels
** Plant and machinery
** Commercial fleets
** Mining equipment
Features and benefits :
** Assets can be financed up to a maximum of 60 months (5 years).
** Competitive interest rates apply.
** New or used assets may be financed.
** Loans can be used to finance machinery, office and medical equipment.
** Financing of motor vehicles ranging from saloons , pick-ups, prime movers and earth movers is available.
** You may also finance second hand vehicles subject to meeting the banks guidelines and conditions.
Who can apply :
If you have regular income either through salary or business you can apply for Vehicle and Asset Finance.
A business entity applying for a Stanbic Bank VAF must have operational offices in the country of application.
How to apply :
Visit your nearest Stanbic Bank branch with the following documentation :
If you are a salaried individual :
** Completed application form.
** Income & expenditure statement.
** Last 6 months bank statements.
** Payslip or confirmation of salary by employer.
** Proforma invoice for asset to be acquired.
If you are a business organisation :
** Application letter.
** Certificate of Incorporation.
** Certificate to commence business/business license.
** Audited financial statement for three years/ management accounts.
** Cash flow forecast for the term of the facility.
** Profit & loss Projection for the term of the facility.
** One year’s current bank statements.
** Suretyship of Guarantors/Personal Balance sheets.
** Latest Annual Return (for incorporated bodies.
** Board resolution to acquire the as.
** Memorandum and Articles of Association (for limited liability entity).
** Partnership Deed (for partnership business.
** Copy of TIC Certificate (where/if applicable).
** Proforma invoice for asset to be acquired.