Fixed Interest Rate
The Kina Motor Vehicle Loan has a fixed rate of just 18% p.a. Our rates are fixed to make it easier for you to manage your repayments.
With the Kina Motor Vehicle Loan, you can borrow as little as PGK20,000 through to an uncapped amount based on your borrowing eligibility. The minimum term for a Kina Motor Vehicle Loan is 1 year.
Set Up Fees
Our set up fee is a fixed fee of just PGK500. The amount is payable once the loan is approved, there is also an ongoing fee of PGK10 per month.
Once your loan has been approved, the repayment process is set up as principal and interest. We offer the flexibility of making either fortnightly or monthly repayments.
What about the other fees?
Good question. Consistent with our other personal loans, there are some charges associated with the Kina Motor Vehicle Loan.
Frequently Asked Questions
How do I apply for a Kina Bank Motor Vehicle Loan?
It’s easy! Simply visit your local Kina Bank branch, complete the Kina Bank Motor Vehicle Loan application form and submit with 2 forms of primary ID. If you need to discuss your current situation prior to visiting the branch, you can call us on 675 308 3800 or on 180 1525 and our team will assist you. Or follow the link below, https://www.kinabank.com.pg/enquiry-personal-loan/ and complete our online enquiry and one of our Lending Specialists will contact you.
What are forms of primary identification (ID)?
When applying for a new loan, you will need to have 2 forms of primary ID. We classify primary ID as:
- Passport (for foreign passports include a copy of your PNG work permit with Labour & Industrial Relations letter)
- Driver’s license
- Employment ID card with an employment confirmation letter
- Superannuation membership card
- PNG Government issued photographic License and or Permit
- National Identity card issued by NID office
*All forms of ID must be valid. Any expired ID won’t meet the ID requirements and as such we won’t be able to accept the ID. If you don’t have 2 forms of Primary ID, please call us on 675 308 3800 or 180 1525.
What is the repayment structure of the Kina Bank Motor Vehicle Loan?
The repayment structure is principal and interest. If you’re employed, the repayments will come directly from the account that your salary is paid into. If you’re self-employed, the repayments will be taken from your primary transaction account.
What are the Equity Requirements?
Equity is based on the motor vehicle purchase price; customers are to provide 10% equity for new vehicles and 20% for used vehicles. 100% finance may be offered to approved clients however this is subject to Kina Bank’s discretion.
What are the features of a Kina Bank Motor Vehicle Loan?
- Loans sizes range from PGK20,000 to an uncapped amount
- We offer the choice of fortnightly or monthly repayment
- Loan terms range from 1 year to a maximum 6 years
- Interest Rate at 18% p.a. fixed rate.
What are the fees and charges attached to the Kina Bank Motor Vehicle Loan?
Do I need to be a Kina Bank customer to apply for a Kina Bank Motor Vehicle Loan?
Our Kina Bank Motor Vehicle Loan is available to existing Kina Bank customers and to new customers once they open a new account with Kina Bank.
To apply for a Kina Bank Motor Vehicle Loan you need to be an existing customer. Repayments must be drawn from a Kina Bank account.
Can I set up a redraw facility with my Kina Bank Motor Vehicle Loan?
Yes, but advance payments can only be redrawn for payment of the annual insurance renewal premium, where applicable.
Are there monthly account fees when I take out a Kina Bank Motor Vehicle Loan?
Yes, you will be charged PGK10 each month.
What is the minimum age requirement to apply for a Kina Bank Motor Vehicle Loan?
You must be at least 18 years of age.
What loan amounts and terms do you offer with the Kina Bank Motor Vehicle Loan?
The Kina Bank Motor Vehicle Loan is set up to offer you the opportunity to borrow at a minimum of K20,000 with an uncapped maximum amount, depending on customers’ ability to meet scheduled repayment and at Kina Bank’s discretion. The minimum loan term is 1-year, and the maximum loan term is 6-years.
What other Eligibly Requirements do I need to meet to qualify for a Kina Bank Motor Vehicle Loan?
- You must be employed
- You must have a clear CDB or provide genuine reasons if not clear
- Provide Vehicle Quote
- Ensure insurance cover over the vehicle
Do I need to have a job to apply for the Kina Bank Motor Vehicle Loan?
Yes. When you submit your application, you will need to show proof of employment. If you’re employed, you need to have a minimum of 6 months employment and if you’re self-employed you must have been trading for a minimum of 2 years.