Vehicle and asset finance

Stanbic Bank Vehicle & Asset Finance is a renowned leader in the provision of finance for the acquisition of capital equipment (Finance Lease) and of annual insurance premiums (Insurance Premium Finance). We are able to draw on extensive expertise to provide you with ideal solutions.

Types of assets we finance

  • Passenger vehicles

  • Buses, trucks and other commercial vehicles

  • Construction equipment

  • Agricultural equipment

  • Earthmoving equipment and material handling

  • Plant and machinery

  • Mining equipment.

 

What does it offer me?

  • You do not need to tie up your funds buying asset
  • Frees cash for other operational needs
  • You enjoy the full use of the leased item
  • You can apply for  short to medium-term finance using the leased asset for security
  • Tax benefits
  • The lease can be structured to make repayments flexible

Standard Borrowing Requirements

Personal Client:

Existing Stanbic bank salary account – Please advise account number

Completed Stanbic VAF Application Form (Personal)

Total cost of asset required (attach a quotation)  

Personal profile (to include brief resume, ID, latest payslip, passport photo, proof of residence (utility bill) and confirmation of employment)

Current month Income and expenditure statement  

Asset and liability statement

Details and proof of any other income

Corporate Client:

Existing Transacting Stanbic Bank account

Covering letter indicating requirements and total cost of assets required (no application forms).

Business profile:

  1. Ownership / structure (%):
  2. Details of key management:
  • Position held
  • Qualifications
  • Experience
  1. Business Overview to include:
  • Nature of business
  • Period in business
  • Markets/debtors and payments terms,
  • Suppliers/creditors and payments terms,
  • Competitors/competition and industry,
  • Details any other bankers and facilities being utilised.
  • Details of key risks of the business including competition and how these risks are managed.
  • SWOT analysis
  • Strategic / future plans

Full year financial statements 2016 and 2017.

Latest management accounts – year-to-date. Please include relevant notes covering

  • Debtors, creditors age analysis
  • Other bank statements in support of revenue earned.

12 months projected cash flows – this should incorporated proposed lease rentals, see attached repayment schedule  

Additional information in support of our application:

  • Quote of asset required (brochure of asset required),
  • Contracts / agreements
  • Security required (bond over fixed property– provide copy title deed)

Comprehensive Insurance – this will be processed through our Banccassurance with NICOZ.

  • Insurance cost will be included in the application.  

Latest tax clearance certificate and that of your local supplier.

Security

  • Financed asset forms main security – asset subject to lease hire agreement. Where asset is not locally available, provide additional tangible security to cover period of importation.
  • Director/ shareholder guarantees.

Certified copies of:

  • Certificate of incorporation
  • Memorandum and Articles of association
  • CR14 and CR6
  • Directors’ I.Ds and proof of residence
  • Current tax clearance certificate (local supplier’s TCC will be required on drawdown)

 Terms and pricing proposed:

Fees up to 4% establishment

Interest rate 12% per annum (+ 2% per additional year required for non-productive sectors)

Deposit 20% minimum

Tenor – up to 36 months and 60 months for approved assets

How to apply

We have a team of dedicated who will provide solutions to your requirements.

For more information contact our Sales Team:

Denis CT Mkaratigwa Manager New Business [email protected]
Euliana Chironga Manager New Business [email protected]
Thokozile Madziwo Bulawayo Region [email protected]
Muzvare Manwa Head VAF [email protected]

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+263 8 677 004288

International
+263 8 677 004288

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