How Does the UBA & Mikano Motors Auto Loan Partnership Work?

UBA and Mikano Motors have launched a car financing scheme called “Drive Your Dream Today.” You pay 30% of a new vehicle’s cost as a down payment; UBA finances the remaining 70%, and you repay the loan in instalments over up to 36 months at a competitive interest rate. The scheme is open to salaried employees and entrepreneurs.

Here’s a breakdown of what the scheme is about.

What Is the UBA-Mikano Auto Financing Scheme?

The partnership is a structured consumer credit initiative aimed at making vehicle ownership more attainable. Instead of paying the full price of a car upfront, eligible customers put down a fraction of the cost and let UBA finance the rest.

How the Loan Structure Works

1. You pay 30% upfront. This is your deposit on the vehicle you want.
2. UBA finances the remaining 70%. The bank covers the balance of the purchase price.
3. You repay over up to 36 months. The financed amount is repaid in instalments across a term of up to three years.
4. Interest is charged at 23%. This rate applies to the financed balance over the loan term.

Who Is Eligible?

The scheme casts a wider net than typical auto loans:

• Salaried employees
• Entrepreneurs

How Do You Apply?

1. Start with an eligibility assessment. This can be done at any UBA branch or by email to consumerlending@ubagroup.com
2. Get approved. UBA reviews your eligibility based on income, repayment capacity, and other standard credit checks.
3. Obtain a proforma invoice. Once approved, head to Mikano Motors to get a proforma invoice for your preferred vehicle.
4. Proceed with financing. UBA guides customers through the remaining steps until the vehicle is delivered.

UBA-Mikano Auto Loan: Frequently Asked Questions

How much do I need to pay upfront for a Mikano vehicle through UBA financing?
30% of the vehicle’s total cost as a down payment.

How much does UBA finance?
The remaining 70% of the vehicle’s purchase price.

What’s the repayment period?
Up to 36 months (three years).

What interest rate applies?
23% on the financed amount.

Can self-employed people apply?
Yes. The scheme is open to salaried workers and entrepreneurs, provided they meet UBA’s eligibility criteria.

Where do I start the application?
With a brief eligibility assessment at any UBA branch or by email to consumerlending@ubagroup.com before obtaining a proforma invoice from Mikano Motors.

Does this cover used cars too?
This specific “Drive Your Dream Today” scheme is for new vehicles from Mikano Motors. UBA’s general auto-loan offering separately covers new and pre-owned vehicles from other approved dealers.

The UBA-Mikano Motors partnership removes the single biggest barrier to car ownership for many Nigerians, which is needing the full purchase price at once. By splitting the cost into a 30% deposit and a financed 70% balance repayable over a period of three years, “Drive Your Dream Today” opens vehicle ownership to a broader range of customers.

Visit the Red Vault to apply.