By Ayomide Otitoju
Access Bank has unveiled a new vehicle financing scheme in partnership with Elizade JAC Motors, offering up to 90 per cent loan coverage to qualified individuals, SMEs, and corporates, in a bid to expand access to auto loans.
Under the initiative, applicants are required to provide a minimum 10 per cent equity contribution, with loan approvals subject to creditworthiness assessments, including cash flow evaluation and standard documentation. Processing is expected to take up to 72 hours from application to disbursement.
Charles Oguibe, Head of Consumer Banking for Lagos & South-West at Access Bank, highlighted the scheme’s competitive interest rates and flexible repayment period of up to 48 months. “With just a 10 per cent deposit of the total cost, you can walk away with any JAC vehicle while the bank will provide 90 per cent as a loan,” he said, noting that eligibility depends on the bank’s credit process and applicants’ repayment capacity.
On risk management, Oguibe said the loan terms will be clearly outlined in formal documentation signed at disbursement, including procedures in the event of default.
Demola Ade-Ojo, Managing Director/CEO of Elizade JAC Motors, described the partnership as “grounded in trust between the two organizations, with shared objectives and a collective vision for sustainable impact to benefit Nigerians.”
Chizoba Iheme, Group Head of Products and Segments at Access Bank, explained that the scheme aligns with the bank’s broader strategy to support mobility and economic activity, particularly for businesses in logistics and distribution. She added that the financing covers both passenger vehicles and commercial units such as pick-ups, enabling personal and business use.
Iheme further noted that the model addresses the high upfront cost of vehicle purchases, which has driven reliance on used cars, by allowing customers to spread payments over a defined tenor while accessing new vehicles with warranty coverage.
The facility is open to existing Access Bank customers, including salary earners, SMEs, and corporates, while new applicants will be required to open accounts with the bank.
