BSP unleashes new consumer vehicle loan product

The National Business

CUSTOMERS planning to buy a vehicle can do so through the new consumer vehicle loan product offered by Bank South Pacific Finance PNG.
They can get a loan by applying through a accredited car dealer including Ela Motors, Boroko Motors and Niu Ford. Loans are from K20,000 to a maximum of K180,000.
The maximum repayment term is five years.
Acting country manager Imelda Samba said BSP Finance (PNG) had developed a strong partnership with vehicle dealers in the last five years “which conceptionalise the new loan product”.
Samba said it was designed to assist dealers sell more vehicles by giving them access to a dedicated product to serve consumers.
“The main features in this product is the consumers that will be the workforce, the salary and the wage earners,” she said.
The minimum deposit is 20 per cent paid to the dealers at the time of application.
“With the dealers, it actually secures the stock of the vehicles that’s been preferred and with BSP Finance (PNG), it actually meets the minimum deposit component.”
Samba said BSP Finance (PNG) had an extensive network and would work with dealers to sell vehicles in a 24-hour turnaround time.

2 comments

  • Maximuim loan repayment term of 5 yrs is too short compared to some net salary of the public servants. Bank must also provide ranges of net salaries applicable to this loan.

    For example,When someone is earning K700 as his/her net salary and want to apply for viechle worth of K80,000.00 and want to pay k300 every fortnight as loan repayment,i dnt think 5 yrs is enough.

    If bsp really want to help people venture into smes and contribute economically to this country,they need to picture out both sides of the screen but not only one side.

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