A new Memorandum of Understanding between Peugeot Automobile Nigeria (PAN) and First City Monument Bank (FCMB) is targeting to help low income and medium income earning Nigerians with loans which will enable them purchase Peugeot cars and repay in instalments.
While signing the MoU in Abuja last week, PAN said the loan would enable Nigerians who wish to buy Peugeot cars to repay monthly for the maximum of 60 months.
While most auto dealers offer a 24 months instalment deal, Managing Director of PAN, Ibrahim Boyi, said that Peugeot cars are a heritage of Nigerians as some of the cars purchased 30 years ago still ply Nigerian roads.
“You can’t take Peugeot off the roads. Some cars produced 30 years ago still ply the roads in Nigeria. This is the quality; this is the heritage we are preaching,” Boyi said .
He stressed that comfort, safety, quality and reliability of the cars as attested by users over the years, noting that the auto loan scheme was designed in partnership with the FCMB to give low income and medium income earners the opportunity to own brand new cars.
Boyi said: “We offer yet another opportunity with the FCMB for our prospective customers to relive the legacy, heritage and experience of Peugeot cars.”
He revealed that the loan facility is accessible at any FCMB branch or any accredited PAN dealer upon meeting the required criteria.
Representative of the Group Managing Director of the FCMB, who is also the Regional Director in charge of Abuja and North, Olajire Awofisibe, said the loan is an oppurtunity for Nigerians to own brand new cars instead of buying “tokumbo” cars.
He disclosed that the bank has so far granted over 400,000 Nigerians loans to empower themselves.
Awofisibe said the partnership was another move from the bank to better the lives of Nigerians who were yearning to own cars of their own.
Encouraging Nigerians to key into the arrangement, he added that there are other repayment plans depending on the model of the vehicle desired and the cash flow of the customer.
According to him the offer includes free vehicle registration, free tracking, three years free maintenance service and discounted free insurance premium.
