Stanbic Bank-Zambia has launched a Bank 4×4 motor vehicle challenge to enable Zambians acquire brand new and reliable vehicles.
Stanbic head of Vehicle and Asset officer, Bruce Jaan observed today that some Zambians have for a long time now been buying second hand vehicles because they could not afford brand new ones.
He said this at the official launch of the Stanbic Bank 4 by 4 Motor sport challenge aimed at encouraging the public to partner with the bank in acquiring brand new automobiles in Lusaka.
Mr. Jaan said the bank would carry out an awareness exercise to inform the people about what it termed as an easy way of acquiring vehicles by a lease of 20 per cent deposit while rest of the amount will be dealt with by the bank.
He noted that although the country was going through a serious economic challenge caused by the global economic crisis, individuals that own businesses and employees could still get motor vehicle loans.
Mr. Jaan said the challenge was not only for Stanbic Bank account holders but was open even to other members of the public.
Mr. Jaan hoped that the public will turnout in big numbers for the 4 by 4 motor sport challenge awareness programme, which will take place at Lusaka’s Arcades shopping complex tomorrow.
ZANIS/WM/KSH/ENDS
One would have thought that is the last thing they needed. But hey!
Hats off to Stanbic
Buy more roads also
Are we still in the stone age? This is overdue. Way to go Stanbic.
Good initiative. One wonders why no one has ever done this before in Zed.
Great move stanbic abash cheap japanese we have to move on.
This is good news, but in this econimic situation , it quiet hard for pipo to buy brand new cars. The thing is are the cars green? by this i mean good for the environment? Global warming. I hope they have gass gazlers or the so called Chelsea tractors,
Very few will rush into it. Maybe companies. Remember Banks are not charitable organisations. Their basic aim is to make money on the customers. So understand the terms in full before entering into the arrangement.
The interest rates are over 30% for these loans. Which in my opinion is highway robbery! Stanbic is not nice people, they are looking to earn on people who are already stretched thin financially.
To me it looks like we need food security more than 4×4. Do banks in Zambia put in similar effort to offer agricultural loans. The cots of one 4×4 can go a long way in farming.
Just look at the conditions attached to the whole thing,ordinary zedians won’t even afford it
The bank could go a step further, by purchase the vehicles straight from the manufacturer at a discount and passing on that discount to their cutomers.
it’s an ok move, but i notice there is a security deposit of 20%, there is also am sure a rediculous high interest rate of 25-30% fixed or variable not sure. At the end of the five 5 yrs you would have paid for 2 and a half Vehicles. i suppose thats what finance leases are about.
Help them buy Land use maximisation equipment instead of luxury cars after which will enable them cultivate enough for local needs and sale off the surplus to ultimate grow their capacity to afford new cars.
“Get them in debt” for centuries has been a slogan used by the power elite to control individuals and entire nations.
This is a clever way of DISPOSSESSION.They want to make land and real-estate the valuable commodity to be taken at all costs as it will be used as collateral.
#16, Something coherent from you for a change….
#17
Prepare for hard times is also logical.
For a “commercial” bank to take such a direction (colleagues, note the word commercial), there is always a catch somewhere. They will never, not even for a second, imitate Santa Claus. I wish they could move in and partner with the government in paving roads, so that, the so called Japanese salaula cars can survive for longer life spans.
We are experiecing economical crisis because of credit manupilation by the international bankers.
what is needed is access to acquisition of assets. Not cars. We are used to good second hand cheap in price cars. I wonder whatelse this will go with. A POOR zedian wants a good affordable house not a car. Where is the sense. Besides who has complained about the cars zedins own. C’mon BB we want real estate assets. Think man again pliz.
I don’t think zambians are that stupid (i may be wrong) to fall for such nonsense. A brand new 4×4 will probably cost more than a piece of land or a house in some parts of zambia. And when they say the bank will take care of the rest of the money, they actually mean ‘keep your **s* in debt for a very long time’
ooops I meant STANBIC NOT BB.excuse me bloggers.
1984 are you for real..I think you’re very mysterious, like your posts tho! and I agree, this thing of getting people into debt is just a way to control individuals, and nations…and i think we need a serious review of how indebted Zambians are, on an indv basis; I’ve heard many, esp in the civil service receive paychecks with 0 coz of all the loan repayments they have to make makamaka to the mushrooming ‘microfinance’ houses…If only we could have more indegenous banks, maybe they would atleast consider profitable ventures of lending to more sustaainble sectors, like agriculture..not imyotoka
I know lusakans are celebrating because when it comes to buying flashy things that take precedence of essentials you can count them in. Lets expect a credit crunch in 2018 from all the amassed debts from people trying to keep up with the joneses.
This is s bright idea. Bloggers allow me to make a suggestion and hear your views. Why cant the govt impose higher duty for japanese vehicles made before say 2001 so as to allow good vehicles than the hordes of Mark IIs that litter our streets. In my view, this would counter the trend by Japan and other countries of ‘dumping’ wrecks on Africa. Please let me hear your views on this one.
Make the Mark IIs and other second hand cars even cheaper for Zedians to cut out the Hungry Wolves in Banks Skin who are enticing zedians to prop up businesses in countries where car sales have hit rock bottom. Then resale them back their scrap steel when the cars outlive their lifespan. A few extra jobs can come out of this. Ma wheelbarrow ya mansimbi na ma scrap metal dealers bangapakeko. Kabili we are lazy. Tiyopa kulima
Well, it sounds like a good idea, compared to the reconditioned Japanese vehicles which may become an Environmental issue in the coming years. What is worry some is how we accept these recycled cars which could make our country a dumping ground. The only thing is the road infrustructure. It would be a good idea to have more roads and avoid unnecessary traffic jams, so while you speak of increasing cars build more roads, the governemnt should be spending time understanding the changes the country is going thru and planning for the future. Building roads will actually create employment for the locals. I wonder what the palnning division does if it exists.
Be careful too, checkout the Interest rates Stanbic will be looking for. Viva new rides abash Reconditioned vehicles!! Peace out!!
They need to do more than they are doing now, interest rate