Asset Cash Loan (ACL) was created to increase your access to credit facilities without losing your assets, thereby helping you solve financial problems easily and reach those financial goals with no hassle. This simply means that as a vehicle owner you can use your vehicle to access a loan facility of up to N5,000,000 and above with a repayment plan of up to 18 months while you enjoy the use of your vehicle throughout the loan period and definitely after.
Frequently Asked Questions About ACL
Q: What Can I Use To Access Asset Cash Loan?
- Duly completed Lease application form
- Letter of Employment and/or Confirmation of Employment / Promotion Letter
- 6 months statement of account
- Utility Bill (PHCN bill/Water bill/LAWMA bill)
- Identification Card (National ID/ Voter ID/Driver license/International passport)
- Work Identity card
- Post dated cheques for rentals
Q: Is Vehicle the only acceptable aset?
A: For now, yes.
Q: Can I access the ACL facility without an Asset?
A: No, but you can access our personal loan facility.
Q: Can I Pay off my loan early?
A: Yes, total amount payable at such a time will be subject to a discount depending on proximity to the actual end date
Q: What Model of car is acceptable?
A: Any vehicle not older than 8 years from application date. Proceeding with older vehicles will be subject to the discretion of the stakeholders. (Also, interest rates for older vehicles are slightly higher)
Q: Will the car still be in my name?
A: No. However, you retain possession and can use the vehicle as you please. Upon complete repayment, the ownership of the vehicle is transferred back to you.
Q: How many cars are acceptable to be used as collateral?
A: Any number of cars, provided they meet the criteria of RFS
Q: What is the duration of the repayment period?
A: 12 and 18 months. For vehicles older than 10 years, it’s a maximum of 12 months
Q: What if default during my repayment period?
A: Defaulting once isn’t a problem; default charges and interest accrued during delay will be paid in full by customer as well as the actual rental when the client has gotten inflow.
- The client could also request for a deferment instead of defaulting if he/she feels he/she will not be able to meet up with the requested amount at due date so as to avoid extra charges (default charge) as well as to protect integrity
Q: Does the value of my car determine the amount of credit facility that I can access?
A: Yes. You will get a percentage of the value of your car depending on the risk category when profiled.
Q: What is the maximum amount of Loan I can get?
A: This will depend on factors such as; monthly earnings and asset value
Q: How do I get notified when my loan has been disbursed to me?
A: Your account officer will communicate this to you.
Q: Can I restructure the payment of my loan?
A: Yes, you can
Q: How long will it take to get my loan disbursed?
A: After submission of all required documents and inspection of the vehicle, usually in 48 hours.