The Loan product is intended for customers who are Employees as well as Businesses. The product aims at financing customers to purchase Assets, mainly Motor Vehicles. The supplier for the Motor Vehicle can be a local dealer or external dealer (Imported).
Features for Asset Financing Loan.
- Loan amount range, Minimum is Tzs. 10,000,000/= and maximum for first time borrower is to tzs. 50,000,000/=
- The company will finance maximum of sixty percent (60%) of the total purchase cost for New vehicle and 50% for Registered in Tanzania not more than 3 Years.
- Loan Duration 1 month to 24 Months
- The purchased car will be pledged as a primary collateral of the loan.
- The vehicle financed and purchased must be comprehensively insured, and cover must be processed by AEL Insurance Agency.
- The premium must match the purchase price.
- For the loan which will be paid for more than twelve (12) months, AEL Finance will finance IPF for comprehensive insurance to the customer, to cover the vehicle for the second year.