06/06/2026
If this is true, then we are in a Messs.π
Ndi Enugu,
If you are interested in getting Enugu State government financed taxi, you must know this:
β« Vehicle Price - β¦23,000,000.00
β« Down Payment (3.5%) - β¦805,000.00
β« Loan Amount - β¦22,195,000.00
β« Annual Interest Rate - 18.00%
β« Loan Tenure - 4 Years
β« Total Interest Payable - β¦9,099,949.58
β« Total Amount Payable - β¦31,294,949.58
β« Monthly Installment - β¦651,978.12
β« Weekly Installment - β¦153,406.62
Summary Analysis:
π You will first pay β¦805,000 upfront as a down payment.
π The bank finances β¦22.195 million.
π For the period 4 years (48 months), you will pay approximately β¦9.1 million in interest.
π The total cost of the vehicle to you becomes about β¦32.1 million (β¦31.295 million loan repayments plus β¦805,000 down payment).
π The interest cost alone is about 39.6% of the vehicle's purchase price.
What is a common lending guideline?
β
A common lending guideline is that your monthly loan repayment should not exceed 33% of your monthly net income.
β
Using the monthly installment of β¦651,978, your net monthly income should ideally be β¦1,975,69 at 33% debt-service ratio.
β
This means that the Taxi driver should definitely make above β¦1.9 million monthly.
β
If your income is below β¦1.9m, the loan may place significant pressure on your finances.
Now, tell me:
1. How many taxi drivers that make above N400k in Enugu?
2. Who and who does the person carry and from where to where?
3. If the taxi drivers are not making up β¦1m, how would the person be able to meet the monthly repayment of β¦651,978
β Management of either 1% or 0.5% is not here.
β Insurance is also waiting for you.
We are begging the Enugu government to have mercy ππππππππππππ on the masses.
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