SBM Auto Lease
SBM Auto Lease provides you with a cost-effective way of financing the purchase of a vehicle.
Features and benefits of SBM Auto Lease are as follows:
- Up to 100% financing of showroom price (excl. VAT) for new vehicles and up to 90% of purchase price (excl. VAT) for reconditioned & second-hand vehicles
- Competitive interest rates
- Repayment term up to 7 years for new vehicles and up to 5 years for reconditioned/second-hand vehicles
- Residual value ranging from 1% up to a maximum of 10% of cost of vehicle (excl. VAT)
SBM Eco Auto Lease
Switch to 100% Duty Free Electric and Hybrid NOW
Now is the time to switch to a cleaner and eco-friendly mode of transportation with SBM’s Eco Auto Lease, the hassle-free financing solution to own and enjoy a brand new 100% duty free electric or hybrid vehicle.
- Up to 100% financing* of showroom price, excluding VAT
- Preferential interest rate as from 3.99% p.a. (SBM PLR-0.66%) on applications submitted during campaign period
- Up to 7 years repayment for new vehicles and up to 5 years for reconditioned/second-hand vehicles
- Minimum lease amount of Rs 1,000,000 for new vehicles and Rs 500,000 for reconditioned/second-hand vehicles
Your eco-friendly vehicle will cost you as little as Rs 13,561 in monthly rental payments over 7 years for a lease facility of Rs 1,000,000 at 3.99% p.a.
APR : 4.40%
- National Identity Card
- Recent proof of address (utility bill – MT, CWA or CEB), not older than 3 months
- Last 3 months salary slips
- Last 3 months bank statements for existing customers / Last 6 months bank statements for new to bank customers
- Quotation from supplier (if vehicle is being purchased from car dealer)
If reconditioned or second-hand vehicle:
- Letter of intent from seller (if vehicle is being purchased from individual)
- Copy of Registration Book (if vehicle is being purchased from individual)
- Report on Technical Survey carried out on vehicle
What is SBM Auto Lease?
SBM Auto Lease is mainly geared towards the financing of new and second-hand motor vehicles (cars, SUVs and Pickups) under Finance Lease for individuals.
Who is eligible?
SBM and non-SBM customers aged 18 years and above.
What is the interest rate?
We propose competitive interest rates and preferential interest rates under our SBM Eco Auto Lease offer to finance the acquisition of electric & hybrid vehicles.
What type of security is required for SBM Auto Lease?
Since the vehicle is registered in the name of "SBM Bank (Mauritius) Ltd on lease to the client", there is no requirement to inscribe a fixed or floating charge on property - the vehicle itself is our security.
When will I have full ownership of the vehicle?
Ownership of the vehicle will be transferred to you after payment of all lease rentals and upon settlement of the Residual Value at the end of the lease period.
Where can I apply for SBM Auto Lease?
Applications can be made at any SBM branch or can be initiated via the Online Application feature on SBM Bank’s website.