Vehicle Asset
Financing Facility
Drive sooner — finance affordable second-hand reconditioned or brand-new vehicles, repaid monthly over an agreed period.
Lending is subject to approval. Fees and charges are reviewed annually. Ts&Cs apply.
Key Features & Benefits
- Maximum tenure is 48 months.
- Mandatory credit life insurance.
Transparent pricing
Rates & Charges
| Detail | Information |
|---|---|
| Term | 48 months |
| Amount | Up to K15,000,000 |
| Interest Rate | Base (25.10%) + 14.90% (up to a maximum of 40.00%) |
| Insurance | Credit Life Insurance mandatory |
Am I eligible?
Eligibility
- Affordability analysis should be done
- The vehicle will be aged not more than seven years and borrowers must be the first users in Malawi
- Vehicles financed must be locally available; procurement from across borders not allowed
- Net take-home pay after the loan deduction should be within the approved threshold of 40% of gross pay
- Deposit / borrower's contribution of 20% of the asset value
Requirements
- Asset to be comprehensively insured for 100% of property value
Required Documents
- Completed credit information request form
- Copy of valid driver's licence
- Letter of undertaking from employer
- Branch motor vehicle inspection report
- Valuation report from a recognized dealer
Locate a Branch
Find your preferred Branch easily. Just enter your location and we will show you the nearest outlet!
Plan your repayments
Loan Calculator
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Min 150,000 · Max 15,000,000
%
Indicative; the actual rate depends on your credit assessment.
Min 48 mo · Max 48 mo
Total Payment
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- Total Interest Payable
- 88,731
- Monthly Installment
- 4,974
- Term
- 48 months
Illustration only. Actual repayments depend on credit assessment, fees, and prevailing rates. Subject to Centenary Bank Terms & Conditions.