MICRO LEASE ACCOUNT
Available to individuals and Small Scale Enterprises to purchase equipment needed without funding the purchased equipment directly.
- The customer identifies the desired equipment (Electronics, household utensils, Commercial Buses, Car Engines, Hair Saloons, EPL Viewing Centres, etc ).
- The customer must provide at least 30% Equity Contribution of the equipment being requested, excluding management and processing fees.
- Lending rate is subject to the type of equipment and associated risks
- The bank purchases on its own name directly from the supplier and customer take possession.
- Ownership is reversed after full repayment of the loan facility.
- The leased asset may be comprehensively insured in the bank’s name until full repayment is obtained.
- Additional security may be required subject to the nature of the micro lease.
- Account can be opened either as savings or current account.
- Minimum opening balance of N20,00.00
- Repayment can be stretched up to 12 months duration.
- Customer will have access to the account if no longer needed to buy the item.