Isuzu East Africa has announced a partnership with Co-operative Bank of Kenya which will see SME’s get access to 95% financing towards the purchase of commercial vehicles from the dealer.
Other than asset finance, SME’s will also be able to get a Ksh. 300,000 loan towards financing their working capital and also cover the insurance for the vehicle in the first year of purchase. Towards this the Co-op has partnered with CIC Insurance Group to offer a comprehensive insurance package at a rate of 4.75% of the vehicles value.
Speaking at the launch of the partnership, Isuzu East Africa Managing Director, Rita Kavashe had this to say, “This asset financing product was developed to address the pain points of the SMEs. Those accessing the loans will have 60 months to repay and this means that the instalments will not weigh their businesses down.”
The asset finance loan will have an interest rate of 13%.