AS THE National Commercial Bank continues to improve its product offerings, yet another innovative loan product is being offered. The Payroll Plus Auto Loan, which was recently launched, offers up to 100 per cent financing for cars up to five years old, and 90 per cent financing for cars six to 10 years old. The loan offers a number of advantages, with the most important being its flexibility. Payroll Plus loans are secured by the borrower's salary once his or her employer is on a list of approved institutions and the applicant is willing to have his or her salary deposited into an NCB account.
LOAN FEATURES
Applicants can borrow up to 15 times their salary and can access up to $3.5 million dollars to be able to own the vehicle of their choice and there is up to six years to repay the loan. There is also a reducing balance interest rate on the Payroll Plus Auto Loan which means that interest expenses are reduced over the life of the loan.
Courtney Campbell, senior assistant general manager, retail banking division shared: "The phenomenal success of the Payroll Plus Loan inspired us to set up a separate facility to help finance auto loans, as we realised that many people were using the funds to do just that. The Payroll Plus Auto Loan directly addresses their needs."
Another major selling point of the loan is its convenience: Repayment has been made simple as the monthly payments are deducted from the salary account.
"Many of our customers have told us that the ease of managing this loan is one of the reasons that they are choosing it. In fact, we have succeeded in capturing a lot of new customers as they have become aware, through Payroll Plus Loans, of how NCB's products and services are designed to cater to their needs," Mr. Campbell indicated.
