How your repayment plan is calculated
Sterling Vehicle Services offers a 5% interest rate on all vehicle loans. Your repayment plan will be calculated based on the repayment term you select.
Below is an example of a repayment on a vehicle of NGN 1,000,000 at a 5% interest rate with a 12 months repayment limit
Vehicle Loan Amount: ₦1,000,000
Interest (5%): ₦50,000
Total Repayment: ₦1,050,000
Repayment Term: 12 months
Monthly Repayment: ₦1,050,000 ÷ 12 = ₦87,500
The table below provides a detailed illustration of the repayment plan
