Sterling Bank, Tata Prepare Auto Loan Scheme for SMEs


A partnership deal has been packaged between Sterling Bank Plc and Tata Africa Services Limited for an automobile finance that would provide easy and affordable facility for Small and Medium Scale Enterprises (SMEs), which will enable them acquire various brands of vehicles and spare parts from the auto company.


At the unveiling ceremony by senior officials of both firms, Executive Director, Retail & Consumer Banking, Sterling Bank, Mr Grama Narasimhan, said: “We are delighted to partner with Tata Africa Services Limited to improve access to commercial auto loans and best-in-class operational vehicles to business owners in the country.”

He said the scheme is aimed at empowering micro, small and medium enterprises (MSMEs) to acquire operational vehicles which will in turn accelerate their growth through timely and hitch free delivery of products and services to customers.


“What we are offering here is for SMEs, structured in such a way that it is easy for people to invest. It offers good interest rate, tenure and durable products which are one of the best in the market,” he stated.


According to Narasimhan, interested customers are expected to contribute a minimum of 20 percent and/or a maximum of 80 percent of the cost of the vehicle, adding that the bank’s funding is subject to change based on the borrower’s capacity.


Also speaking at the ceremony, Auto Head, TATA Motors Ltd, Mr Suraj Prakash, said: “We are partnering with Sterling Bank to offer one of the best value propositions in commercial auto finance through our wide product range of cars, buses, semi-trucks, trucks, delivery vans and after sales services.

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“The partnership will bring prosperity to the people, help businesses to grow and in general, contribute to the growth of the Nigerian economy. In this partnership, we are taking calculated steps to ensure that it is a success. Our vehicles are well assembled and cost effective. Our vehicles are durable, up to standard and made for the Nigerian terrain.”

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