KCB Bank Kenya and Simba Corporation customers will have an opportunity to purchase vehicles at affordable rates, following a partnership between the two institutions.
Customers will get asset finance facilities from KCB which will enable them to secure vehicles from Simba Corporation in a deal that will see the Bank fund up to 90% of the loan that is repayable over a period of up to five years.
Customers will enjoy a comfortable 60-day payment holiday and reduced appraisal fees of 2%. Additionally, customers buying vehicles for business use will automatically qualify for working capital facilities and other bank products. KCB Insurance Agency—the insurance arm of KCB—will provide insurance for the assets financed under this scheme which shall be also financed through easy monthly instalments.
“We are looking at an end to end asset finance model that gives customers an opportunity to realise their dreams and support business growth,” said Peter Kathanga, Director Corporate KCB during the launch.
The partnership is targeting individuals, SMEs and large commercial businesses across all Counties. This will also see the introduction of new Fuso model, the FI.
Speaking during the signing ceremony on Thursday in Nairobi, Simba Corporation Managing Director Motor Division Naresh Leekha said: “Customers want to grow their business to produce more and will only entertain solutions that will enable them to do what is best for them. Our trucks are the best in the market, and we would like all customers to have access to purchase them and have a comfortable payment period. This will grow our customer base even as the customers grow their businesses,” said Leekha.
Simba Corporation is the largest and sole representative for the distribution and service for a range of passenger and commercial motor vehicle brands including Fuso, Mitsubishi and Mahindra in Kenya.
KCB is the largest bank in East and central Africa both in terms of Asset Finance overall balance sheet and customer base with unique Asset Base Finance products for different market segments.