| AFRIBANK LIFE IMPROVEMENT FACILITY FOR EVERYONE |
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Afribank Life Improvement Facility For Everyone (A-Life) is designed to provide credit facilities to empower people to acquire personal assets and household items to improve their life style. Items covered by this scheme include new cars, television sets, furniture, generator sets, electronics, computers, and communication facilities. Subscribers The Scheme provides subscribers with the opportunity to own the items before full payment is made.
FEATURES
- Part payment required to own the items while Afribank pays the rest.
- Pay back period is between 12- 48 months
- Maximum facility is =N=N4million.
- Simple application process required
- Items to be purchased must be new and from approved vendors
- Letter of comfort from employers
- Provision of 30 % of the cost of item(s) by beneficiaries
- Open to account and non-account holders of Afribank
PRODUCT DEFINITION
A Short/medium term loan targeted at customers of Afribank to enable them acquire basic assets and spread payments over time.
TARGET MARKET
Customers who have identifiable and steady sources of income. Product to be offered mainly to the market segments less likely to default.
PRODUCT OBJECTIVE
To enable customers acquire personal assets and household items such as motor vehicles, household furniture, electricity generating sets, electronics, personal and desk top computers, phones and other personal communication equipment.
PRODUCT FEATURES
- Prospective beneficiaries are to deposit a minimum of 30% of the cost of the assets to be purchased while the bank contributes 70%.
- Repayment is spread over a maximum of 48 months
- Assets are to be purchased from approved vendors
- Payment of the bank's 70% contribution to be made directly to the asset vendor
- Financed assets must be comprehensively insured with Afribank interest noted as loss payee
- The applicant must be in account relationship with Afribank
- Customer must apply in writing
BENEFITS TO CUSTOMER
- Convenient payment term for personal assets
- Customer takes possession of the assets without paying in full
- Customer is given access to quality assets
- Enhanced standard of living and improved cash flow
COLLATERAL
- Letter of domiciliation of salary from the applicant's employer.
- Employer's letter of comfort/ recommendation by professional or trade group.
- Self-collaterisation of financed assets.
- Domiciliation of purchase receipts
- Insurance of financed asset in favour of Afribank Nigeria plc
- Installation of GPRS or other tracking device for motor vehicles
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