PSMFC – CFAO Mobility Zambia

Public Service Microfinance Company - Motor Vehicle Loan Scheme

CFAO Mobility Zambia Limited is an accredited motor vehicle dealer with the Public Service Microfinance Company, hence our customers who are eligible may benefit from the PSMFC Motor Vehicle Loan Scheme.

This product is designed to enable public service workers access duty-free brand-new motor vehicles of their choice, from motor vehicle dealers accredited with Public Service Micro Finance Company

  • The maximum value of motor vehicle accessible depends on the applicants’ earnings i.e., ability to service the loan.
  • Provided all documents are available, applications are approved and disbursed within the 21 days, which is the validity period of the quotation.
  • The loan has a maximum tenure of 84 months, (or contract period for officers on contract or period remaining to date of retirement or end of contract), with interest of 15% per annum. However, note that interest rates are subject to change without prior notice.
  • The product is available to all public services workers on PMEC payroll and employees of parastatal companies and quasi-government institutions who have MOUs with PSMFC, provided the employee is not facing disciplinary action.
  • There is no Deposit required

Financing Options

Option 1: Based on take-home pay

  • Qualifying amount is computed based on the applicant’s take-home pay.

Option 2: Co-financing

  • Applicant uses qualifying amount from PSMFC computed based on take-home pay, plus funds from own sources

Option 3: Joint financing

  • A couple working for any qualifying institutions is allowed to jointly apply and finance one motor vehicle. Qualifying amount is the sum of the couple’s individual qualifying amounts

Option 4: Full finance

  • Applicants are allowed to fully finance motor vehicle of their choice using own funds; PSMFC will charge an admin fee of 2% of the cost, or K2,000.00 whichever is higher with a maximum of K10,000.00


Motor Vehicle Registration and Insurance

  • Motor vehicles acquired under the Scheme carry a Redbook and are registered with Ministry responsible for government transport as absolute owner.
  • The motor vehicle carries private registration and is not under the control of Controller of Government Transport.
  • A public service worker who acquires a motor vehicle under the Scheme is at liberty to use the motor vehicle for work and personal use in any part of the country, provided permission needs to be sought for use outside Zambia.
  • Motor vehicles acquired under the Scheme should at all times during the loan tenor carry comprehensive insurance cover; insurance for the first year is included as part of the loan.


Replacement of motor vehicle

A public service worker who acquires a motor vehicle under the Scheme will be eligible to access another motor vehicle under the following circumstance:

  • When the motor vehicles reach 5 years or 150,000 KM, whichever is earlier.
  • When the motor vehicle is involved in an accident and is declared uneconomical to repair and is written off


Duty Paid Motor Vehicles

  • Public service worker who acquires a motor vehicle under the Scheme, can still access another unit before the motor vehicle reaches 5 years or 150,000 KM, whichever is earlier or when the motor vehicle is involved in an accident and is declared uneconomical to repair and is written off, provided the unit shall be financed with all applicable taxes
  • Interest will still be 15% amortized over the term of the loan.


For more details on how to purchase a Toyota through PSMFC call +260 971 268 000or visit any of our branches in Lusaka, Kitwe, Solwezi and Livingstone.

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