Diamond Bank partners Dana Motors on interest-free auto loans
Category: Investors NewsBeat
May 3, 2010
Diamond Bank Plc and Dana Motors Limited, sole distributor of the Kia range of vehicles in Nigeria, recently announced a vehicle-financing plan that enables customers own Kia cars.
The financing scheme makes it possible for customers to acquire any Kia vehicle with zero per cent interest free loans from Diamond Bank, while spreading repayment across 12 or 18 months.The three-segment financing scheme also present customers the opportunity of making down payment as low as five per cent of the value of their choice of vehicles as well as reduced interest rates.
In addition to enjoying the reduced down payment option, customers applying under the low interest offer will be entitled to up to 10 per cent cash back on the value of the Kia financed.Commenting on the scheme, Managing Director, Dana Motors Limited, Jacky Hathiramani. "The partnership with Diamond Bank and the resultant financing scheme was borne out of our commitment to providing customers with quality products under flexible repayment plans.
Customers' convenience and satisfaction has always been our top priority and we will constantly seek ways to ensure that acquiring Kia cars is affordable and easy for them."Group Head, Product/Retail Brand Services, Diamond Bank, Mrs. Angela Okonmah, described the scheme as her organisation's way of empowering. She explained that, "Diamond Bank as a leading customer-centric bank has been at the forefront in introduction of innovative products and services designed to meet customers' needs."
She added that the cash back offer covers customers applying under the low interest plan in Diamond Bank Plc and Dana Motors Kia Vehicle. She also disclosed that the cash back funds would be placed into an interest yielding SavingsXtra account for individual customers and held until the loan was fully repaid. This will give the customer the opportunity to earn interest on the funds and also qualify for the SavingsXtra rewards where they will stand a chance of winning Salary 4 Life amongst other fantastic prizes.