Finance lease
This is a contractual arrangement that allows the bank to buy the asset and lease them to the customer for an agreed period of time for a consideration of specified periodic rental payments. Once the period is complete the customer has the option of gaining outright ownership and title of the assets for a nominal price.
Asset based term loan
This arrangement is best tailored for all those customers who are VAT exempt and need to enjoy the benefits of Asset based Finance Under this arrangement the Bank provides a customer with a specific assets loan and takes charge over the asset financed as security in the form of debenture or chattel mortgage. The option is also suitable for businesses which seek to invest in plants and machinery and joint ownership cannot be affected on conventional registration documents.
Sale and lease-back
This option is only available to corporate organizations that want to raise cash for working capital by “selling” their unencumbered assets to us and we refinance the goods over a specific period of time. Due to complexities in accounting, income tax, and VAT implications this type of finance is offered on restrictive basis. Shall you wish to pursue this option further please talk to our specialists who will be happy to discuss in detail.
Personal vehicle finance
At Stanbic, we want to make owning a vehicle a quality vehicle less complicated and yet affordable for Private Individuals and other professionals.
We have in our offer a number of options for personal vehicle finance. These include:
Individuals vehicle finance scheme
You as an Individual person may apply for a facility based on monthly income and retirement age restriction. The option is also available to expatriates working in the country with an unexpired term in their contract of more than two years
Company car schemes
We offer a range of tailor-made solutions, including:
Direct finance - We finance the employer on a normal finance transaction or on a rental (operating lease) basis. The employer then gives the employee use of the vehicle
Guaranteed scheme - We provide finance to employees while the employer provides us with a guarantee that monthly deductions will be made from their employee’s salary, ensuring that all payments are met while the employee remains with the company and guarantees the settlement of all finance deals.
Administrative scheme - We provide finance for employees while the employer offers administrative support with monthly deductions from the employee’s salary and informing us about resignations and retrenchments.
Types of assets financed
We offer options of finance for new and used* as well as imported. The broad categories of assets financed through our schemes include:
Passengers, commercial and personal vehicles
Capital equipment including plants and machinery, mining equipments, printing and press machinery and professional equipments.
Medical and specialized healthcare equipments
Construction and Earth Moving equipments
Agricultural equipment
Specialized Finance for Aircraft and marine vessels
Assets must sourced from a reputable supplier, preferably from the panel of approved Bank suppliers**. Proof of capability for after sales support and maintenance is of essence for the sought asset to be financed
Who can apply
You can apply for Vehicle and Asset Finance provided you:
are 18 years or older;
are a Tanzanian citizen or permanent resident with an identity book;
have a transactional account (with Stanbic Bank or another bank) into which your salary is deposited or have a bank statement for a period of more than six months, but you are ready to open an account with Stanbic bank and route all proceed through us
We also offer vehicle and asset finance to:
Small and Medium Enterprises
Corporates
Non-Governmental organisations, government entities
Tel: +255 (22) 266 6850
+255 (22) 266 6801
E-mail: tanzaniacustomercare@stanbic.com
service@stanbic.com
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