Access Brand-New Vehicles with the PSMFC Motor Vehicle Loan Scheme

CFAO Mobility Zambia Limited, an accredited motor vehicle dealer with the Public Service Microfinance Company (PSMFC), is proud to offer public service workers the opportunity to benefit from the PSMFC Motor Vehicle Loan Scheme. This scheme is specifically designed to provide eligible customers access to duty-free, brand-new motor vehicles from accredited motor vehicle dealers.

Key Benefits of the PSMFC Motor Vehicle Loan Scheme

The PSMFC Motor Vehicle Loan Scheme allows public service workers to acquire a vehicle with favorable financing terms. The maximum loan amount is based on the applicant’s earnings and ability to service the loan. Applications are processed swiftly, with approval and disbursement typically occurring within 21 days, which is also the validity period of the quotation.

The loan offers the following key terms:

• Loan Tenure: The maximum repayment period is 84 months or the remaining duration of the applicant’s contract until retirement.
• Interest Rate: A competitive interest rate of 15% per annum applies, though subject to change without prior notice.
• Eligibility: The product is available to all public service workers on PMEC payroll, as well as employees of parastatal and quasi-government institutions that have MOUs with PSMFC. Applicants must not be under disciplinary action.
• No Deposit Required: There is no upfront deposit required for applicants.

Financing Options

To provide flexible solutions for all applicants, the scheme offers multiple financing options:

1. Option 1: Based on Take-Home Pay
   • The qualifying loan amount is computed based on the applicant’s take-home pay.
2. Option 2: Co-Financing
   • Applicants can combine the PSMFC loan with funds from their own sources to acquire their vehicle of choice.
3. Option 3: Joint Financing
   • Couples who both work for qualifying institutions can jointly apply and finance a motor vehicle, with the loan amount based on their combined take-home pay.
4. Option 4: Full Finance
   • Applicants can fully finance their vehicle using their own funds, with PSMFC charging an administrative fee of 2% of the vehicle’s cost, or K2,000, whichever is higher, with a maximum fee of K10,000.

Motor Vehicle Registration and Insurance

Vehicles purchased under the PSMFC Motor Vehicle Loan Scheme are registered with the Ministry responsible for government transport as the absolute owner but carry private registration. Public service workers are free to use these vehicles for both personal and work purposes across Zambia, though permission is required for use outside the country. Additionally, all vehicles must maintain comprehensive insurance throughout the loan period, with the first year’s insurance included in the loan.

Vehicle Replacement Options

Public service workers are eligible to replace their vehicles under the following conditions:

• When the vehicle reaches five years or 150,000 km, whichever comes first.
• In the event of an accident where the vehicle is declared uneconomical to repair and is written off.

Available Models

CFAO Mobility Zambia offers a wide selection of vehicles through this scheme, including:

• Toyota Corolla Cross HEV – A modern hybrid vehicle that blends fuel efficiency with a sleek design. 

https://www.toyotazambia.co.zm/portfolio-2/corolla-cross-hybrid/  

• Toyota Belta – A reliable, fuel-efficient sedan perfect for everyday commuting.

https://www.toyotazambia.co.zm/portfolio-2/belta/

• Toyota Land Cruiser Prado – The ultimate off-road vehicle designed for rugged terrain and tough conditions.

https://www.toyotazambia.co.zm/portfolio-2/land-cruiser-prado/

• Toyota Urban Cruiser – A compact, stylish SUV ideal for city driving and outdoor adventures.

https://www.toyotazambia.co.zm/portfolio-2/urban-cruiser/

For those seeking a duty-paid vehicle, the loan scheme allows public service workers to acquire a second vehicle under similar favorable terms.

How to Apply

Interested applicants can apply for the PSMFC Motor Vehicle Loan Scheme by visiting CFAO Mobility Zambia branches in Lusaka, Kitwe, Solwezi, or Livingstone, or by calling +260 971 268 000. Let us help you drive away in the Toyota of your dreams!