School Bus Financing
SCHOOL BUS FINANCING
Eligibility: Financing available for both account holders and non-account holders
Features
- Financing for new buses
- Financing for customers and non-customers.
- Competitive Interest rate at NIC base rate of 14.5% p.a.(This is equivalent to 8.03 %, 7.90%, 7.97 % & 8.23% on flat rate basis for 12,24,36 and 60 months financing period respectively).
- Turn around time of 48 hours, on condition that all requirements are provided.
- Tenure up to 60 months
- Repayment terms on monthly or quarterly basis
- Simple Application Form available on the website and all NIC Bank Branches
Financing Options
- Deposit at 5%
- 1% Account service fee. This will only apply to new borrowers only.
Requirements
- Fully Completed loan Application form
- Original 1 year bank statements from all accounts
- Copies of ID and PIN of office bearers/officials.
- School PIN
- Certificate of Registration from the Ministry.
- Minutes from B.O.G incorporating the following;
- Authorizing borrowing
- Showing parent contribution
- Number of students and appointing office bearers.
- P.T.A Minutes authorizing /discussing the project
- Letter from Ministry authoring borrowing and levying of funds for school bus project.
*Terms and conditions apply*
For further clarifications, please contact us on 020-2888361/395/383/517 or any of our branches near you.
