Republic Bank Limited

Motor Vehicle Loans

How old do I need to be to apply for a vehicle loan?

18 Years

 

 

What would be the duration of the vehicle loan?

Minimum 6 months, maximum 7 years

 

 

How much can I borrow?

This will be determined after an interview and assessment is done

 

 

Do I need to pay down anything? If so, how much?

Minimum down payment is 20% for new vehicles and 30% for used vehicles

 

 

What interest rate would I pay?

Prevailing bank rates

 

 

Are there any other fees I would need to pay to the bank?

Group Life Insurance coverage fees and negotiation fees

 

 

How old can the vehicle be?

Maximum age 6

 

 

Are there any differences with acquiring a loan for a new vehicle versus a used vehicle?

The down payment that is required

 

 

How long does the loan application process take?

Once an application is done - 24 hours

 

 

Do I need to make an appointment to apply?

Yes

 

 

What are the requirements for the loan / what documents do I need to submit?

  • Two (2) forms of identification - for first time borrowers
  • A job letter from employer - for first time borrowers
  • A recent pay slip - for first time and existing borrowers
  • A letter of sale from owner OR a pro-forma invoice from the car dealer
  • A certified copy of ownership for used vehicle financing
  • A utility bill
  • The source and value of the down-payment
  • The name of the insurer, the value of the premium and the type of coverage

 

Who can I speak with to get more information?

Email Republic Bank Limited at email@HIDEMErepublictt.com or apply online using www.republictt.com/applynow