Absa Bank Kenya has enhanced its vehicle asset financing proposition by extending the repayment period to six years (72 months), the longest tenor in the vehicle asset financing industry currently.
The deal also comes with Ksh. 300,000 vehicle maintenance limit on credit cards for customers who take up the offer to support them maintain their vehicles, including managing their fuel purchases. This is in addition to the 95% funding offer to customers purchasing new vehicles of their choice, both in the commercial and passenger services categories.
In this deal, the bank has partnered with the four major distributors in East Africa, namely Toyota Kenya, Isuzu East Africa, DT Dobie, and Simba Colt.
Speaking about this partnership, Absa Bank Business Banking Director, Elizabeth Wasunna, reaffirmed the bank’s commitment to providing tailor-made, value-adding solutions to its customers at affordable interest rates and sufficient repayment periods.
“We are in an unprecedented economic time and well apprised of the ravaging effects of the Covid-19 pandemic on all sectors, particularly SME sector. This partnership with the four-vehicle dealers acknowledges this, hence the packaging of what we consider as an affordable, accommodative and flexible financing deal,” said Wasunna.
Salaried customers and those in the commercial business space, including schools, colleges, churches, and others will have access to a holistic proposition which also includes insurance and insurance premium financing, all under one roof.
Wasunna further added that the financing deal is open to both Absa Bank customers and potential customers who would wish to purchase vehicles and are looking to be financed by a financial institution.
The bank offers financial solutions to retail, enterprise, and corporate customers, and its regional and global footprint enables it to offer financial solutions to its clients. It has also been associated with a number of market firsts, such as the launch of the first ATM, Sharia-compliant banking, and unsecured lending.
Absa Bank Kenya has presence in 38 counties, with 86 branches, 212 ATMs and a robust Internet and mobile banking platform. The bank’s purpose is to bring possibilities to life.