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STANBIC, TATA INK DEAL FOR AFFORDABLE VEHICLE FINANCING


By BUUMBA CHIMBULU
A partnership deal which will offer affordable payment terms for vehicle and asset financing of as low as five percent deposit has been inked between Stanbic Bank Zambia and Tata Zambia Limited.
This will allow customers acquire a range of commercial vehicles with deposits as low as five percent and with 60 monthly instalments.


The deal which was signed yesterday in Lusaka with Tata Zambia Limited to offer Tata Finance will offer flexible vehicle and asset finance for Tata and Daewoo models throughout the country.

Businesses in the country have been impacted by lack of readily available capital to acquire assets such as equipment and vehicles, says Stanbic Bank Zambia Head of Client Solutions, Chanda Mwila.

Ms Mwila said this partnership therefore came at an opportune time and that it would go a long way in supporting businesses in the distribution as well as retail sector.

“We are encouraging businesses to take advantage of our partnership with Tata Motord that will provide vehicle asset financing on flexible payment terms and bolster their businesses,” she said at the signing ceremony of the partnership.

She explained that the partnership provided not only technologically advanced and reliable vehicles but also cost effective solutions that would enhance business operations of clients through flexible payment terms.

This partnership will also offer competitive insurance rates when purchasing vehicle from Tata Zambia limited and its authorised dealer network across the country.

Responding to this, Tata Zambia Limited Head of Auto Business, Sudhanshu Taneja, reiterated the affordability of the payment terms under the partnership.

Mr Teneja said Tata had an active population of over 5,000 commercial vehicles in Zambia, which was served by four service stations and seven part retailers.

“This partnership with Stanbic bank targets individuals, small, medium size companies and large commercial businesses for easy and attractive loan upt to 95 percent of the vehicle cost. In this partnership, we go hand in hand with customers in making Tata commercial vehicles very affordable” he said.

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