FCMB partners CIG Motors on accessible auto loans of up to N70m

CIG Motors has partnered First City Monument Bank (FCMB) to make vehicle ownership more accessible for individuals and corporate entities through flexible and affordable financing solutions.

The partnership enables customers to access FCMB auto loans of up to N70 million, with repayment terms of up to five years, for purchasing brand-new GAC vehicles.

The auto scheme according to the bank, offers several benefits, including free vehicle registration, a free service package for the first year, a N600,000 fuel voucher, a five-year or 150,000km warranty, and complimentary accessories such as fire extinguishers and foot mats.

Jubril Arogundade, Executive Director, CIG Motors, emphasized that CIG Motors is turning possibilities into realities. “With this new partnership, we are driving towards a future where more Nigerians can enjoy world-class mobility and meet their aspirations.

“By combining CIG Motors’ expertise in automotive excellence and FCMB’s robust financial solution, we are fostering economic growth and enabling dreams,” he stated.

During the Memorandum of Understanding (MoU) signing ceremony held in Lagos, recently as part of the CIG Motors Grand Auto Fair, Mrs Yemisi Edun, Managing Director, First City Monument Bank, said the bank’s partnership with CIG Motors provides a unique opportunity for customers to fulfil their dreams of vehicle ownership.

“It eases the challenges often associated with acquiring a vehicle, turning this cherished life milestone into a smooth and enjoyable experience,” she said.

Represented by FCMB’s National Head of Sales, Mr Emmanuel Comla, she reaffirmed the bank’s dedication to empowering Nigerians. “As a responsive institution, we ensure our customers, including first-time vehicle buyers, can now own the car of their choice without hassle, thanks to this partnership,” she added.

The FCMB-CIG Motors auto loan scheme is open to salaried individuals, self-employed Nigerians, and businesses seeking to expand their fleets. It is designed to empower qualified applicants to part-finance vehicle purchases while conveniently spreading repayments.

According to the bank, with CIG Motors’ leadership in Nigeria’s automobile industry and FCMB’s strength in the financial sector, the partnership is well-positioned to boost vehicle ownership and significantly contribute to the nation’s economic growth.

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