Skye Bank, KIA Motors Nigeria Sign Auto Finance Agreement

Skye Bank Plc. and Kia Motors have signed a strategic auto finance agreement to enable customers of Skye Bank who wish to purchase brand new Kia vehicles do so without difficulty. The arrangement covers Kia models like Picanto, Rio, Cerrato, Optima and Sportage.
Speaking at the agreement signing ceremony in Lagos on Thursday, Head, Retail Banking Group, Skye Bank Plc., Nkolika Okoli, said Skye Bank, as a retail focused bank, is always on the lookout for ways to add value to its customers and the partnership is to provide avenue for customers to easily acquire brand new cars.
Okoli said, Kia brand is one of the fastest growing brands in Nigeria’s automobile industry today and she described Kia cars as very popular to average Nigerians. She also said that Kia spare parts and Kia service centers are readily available across the country, thereby offering convenience to the teeming car owners.
Speaking on “who is eligible?”, Okoli said, salary earners and business owners can acquire cars under the partnership with down payment as low as 20% of the total cost of the car. So, rather than opt for fairly used cars popularly called ‘Tokunbo’ in local parlance,  customers are encouraged to provide 20% equity contribution for a brand new car while the balance can be repaid over a 4 year period. Okoli also noted that there is no need for salary domiciliation for salary earners; they can meet monthly repayment using post-dated cheques. 
Also speaking at the event, Kia Motors’ Chief Commercial Officer, Mr. Sandeep Malhotra, described the partnership as an important one given Skye Bank’s customer centric orientation.
Malhotra said the partnership would make ownership of Kia cars very easy, cheap and affordable for anybody with a regular source of income who ordinarily may not have the required money to pay for the car at once.
He listed the benefits accruable to customers who buy Kia cars under the special arrangement to include free first three services, discounted prices, free delivery, 5-year warranty and free vehicle tracker.

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