Business

Stanbic, Tata seal vehicle, equipment payment terms

KABANDA CHULU, Lusaka

STANBIC Bank and Tata Motors Zambia yesterday signed a partnership to provide affordable payment terms for Tata machinery, equipment and vehicles for as low as five percent deposit. The agreement came into force yesterday and will last for one year. The deal will also offer 60 days repayment holiday and up to 60 months instalments. Under the deal, customers will now be able to acquire a Tata range of commercial vehicles with deposits of five percent, with Stanbic financing up to 95 percent through the bank’s vehicle and asset finance scheme. Speaking at the memorandum of understanding signing ceremony, Stanbic head of client solutions Chanda Mwila said transportation is a critical driver to the growth of any economy.
Ms Mwila said businesses in Zambia have been impacted by lack of readily available capital to acquire assets such as equipment and vehicles. “So this partnership with Tata Zambia comes at an opportune time that will go a long way in supporting businesses in the distribution as well as the retail sector. We are encouraging businesses to take advantage of our partnership with Tata Motors that will provide vehicle asset finance on flexible terms and bolster their operations,” she said. Ms Mwila said the agreement will bring tangible solutions and CLICK TO READ MORE



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