Absa Bank Kenya PLC has enhanced its vehicle asset financing proposition. They have done it by extending the repayment period to six years or 72 months. It is the longest tenor in the vehicle asset financing industry.
The deal also comes with a Ksh 300,000 vehicle maintenance limit on credit cards. This is for customers who take up to support them and maintain their vehicles, including managing their fuel purchases.
“We are in an unprecedented economic time and well apprised of the ravaging effects of the Covid-19 pandemic. This is, particularly in the SME sector. This partnership with the four-vehicle dealers acknowledge what is an affordable accommodative and flexible financing deal” said Elizabeth Wasunna.
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She reaffirmed the bank’s commitment to providing tailor-made, value-adding solutions to its customers. This will be at affordable interest rates and sufficient repayment periods. This will encourage many customers to involve themselves in the Absa business.
The new deal is in addition to the 95% funding offer for customers purchasing new vehicles of their choice. The customers must be both in the commercial and passenger services categories.
The bank has partnered with the four major distributors in East Africa. The partners are Toyota Kenya, Isuzu East Africa, DT Dobie, and Simba Colt.
SMEs, salaried customers, and commercial business space, including schools and others will have access to a holistic proposition. It also includes insurance and insurance premium financing, all under one roof. Other commercial spaces like churches and colleges also account for the partnership.
Wasunna added that the financing deal is open to both Absa Bank customers and potential customers. This is to those who wish to purchase vehicles and are looking for finance from a financial institution.