NCBA has signed an asset finance deal with Simba Corp that will see the lender finance up to 95% of all commercial and personal vehicles sold by Simba Corp.
New and repeat customers will enjoy discounted loan facility fees in a bid to ease the financial load in the current business climate. The SME sector which is the biggest employer for majority of youth, will be the biggest beneficiary of this unique financing deal, which will run for six months.
The partnership will offer customers a 13% interest rate per annum on reducing balance over a maximum 60 months tenor. Customers will also receive a grace period of 60 days after the vehicle release date before loan repayment.
Commenting on the new deal, Lennox Mugambi, Group Director, Asset Finance and Business Solutions said, “This asset finance deal comes at the right time during this pandemic period when businesses are slowly recovering from the ripple effects. At NCBA, we are on a continuous journey to forge partnerships that are beneficial to our customers. The businesses that take up this deal will also benefit from the discounted all-inclusive insurance package offered by NCBA Insurance Agency (NCBA IA).”
On his part, Naresh Leekha, Simba Corp Managing Director of Motors noted, “Financing has been a key driver for businesses to take up assets that will help them scale up their production and recover after a period of suppressed economic activity due to COVID-19. We envision this partnership with NCBA will help our customers get the vehicles they need for their businesses. The 60 day repayment holiday will also enable them to manage their cash flows.”
The partnership takes advantage of the relief from logistical disruptions experienced by new vehicle dealers. This includes the local franchise holder for Mitsubishi and Fuso in Q3 previously caused by the COVID-19 pandemic.
Simba Corp sells car brands including Proton, Mitsubishi, Fuso, Mahindra and Same Tractors.