Auto Loans

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Overview

GBTI’s Automobile Loan Plan is designed for the salaried employee, professional or business executive, self-employed individuals desirous of acquiring a vehicle for non-commercial use.

The amount of this loan can be as high as 85% of the cost of the vehicle.

An interest rate of 6.99 – 10% per annum applies depending on the vehicle classification/condition and year of manufacture. Installments are repayable on a monthly basis for a period of 4-8 years and must not exceed 30% of your gross income.

Requirements:

  1. Identification card/Passport along with (1) passport size photo.
  2. New Drivers Licence and/or TIN Certificate
  3. Proof of address (utility bill, rental receipt, etc.)
  4. Employment confirmation letter and 2 recent consecutive months’ pay slips
  5. Proof of income if self-employed (Business Registration, Recent Financial Statements for the past two years and cash flow projection for the next 12 months)
  6. Statement of outstanding loans/Hire Purchase (if applicable)
  7. Quotation/Agreement of Sale and Certificate of Valuation as applicable
  8. A Bill of Sale for the vehicle along with comprehensive motor vehicle insurance are accepted as Collateral.

Forms of security acceptable:

  • Mortgage on property
  • Shares in traded company
  • Bill of Sale over vehicle
  • Cash Collateral