ASSET FINANCING
This product is designed for SMEs and salaried employees for direct purchase of assets—both household goods and assets that generate income.
The goal is to make it possible for Members to acquire assets and equipment that will increase their capacity to generate income or that they can put to personal use to raise their standard of living which also removes the uncertainty that comes with high loan requirements and makes it possible for their businesses to have cash flow because the repayment is spread out over the agreed-upon period of time.
These items include: machinery, vehicles, generators, and other vital operational equipment etc.
Features
The term must be between 30 and 180 days, and it must be covered by insurance
if necessary.- Assets must be purchased in SylvastarCOOP name.
- The lessor must contribute 20 to 40 percent of the asset's value.
- Open cheques of Beneficiary
- 2 guarantor’s cheques
- Equipment/Asset forms collateral
- Repayment: Equated monthly repayment.
Eligibility
- Must be a member of SylvastarCOOP
- Must possess a valid means of identification.
- Asset/Equipment Finance is open to employees of all public and private
companies, whether they are salaried, self-employed, or professionals.
- Amount: Minimum of N100,000
- Maximum of N2million (increased limit approval available)
- Maximum age of applicant at loan maturity: 60 years
- Minimum Net Monthly Income: ₦20,000
- Applicant should have the COOP’s specified credit score.
- Interest: Competitive