Leading local vehicle assembler Isuzu East Africa (Isuzu EA) and Co-operative Bank of Kenya, have unveiled a daily repayment asset finance scheme.
The partnership between the two institution will address financial challenges faced by majority of their customers.
Being the first ever relationship in the history of Kenya,customers can acquire an asset and opt to pay slowly on daily basis.
Co-operative Bank Director for Retail & Business Banking, Mr. Arthur Muchangi emphasized the need for SMEs to take this opportunity to re-tool and renew their motor vehicle fleet at very affordable terms.
He said that deal is expected to take away the anxiety of an expected huge amount payment required at the end of the month, making it of the easiest and most affordable way to own Isuzu pickups and trucks.
The partnership, which is the first ever in Kenya, offers customers an option to repay their loans on a daily basis and is reduce the bulky payment.
Speaking on this development, Isuzu EA Managing Director Rita Kavashe noted that this program provides an opportunity for daily reconciliation customers to invest and grow their businesses.
Isuzu EA Managing Director Rita Kavashe.
“Our message to customers is simple; if you desire to purchase an Isuzu bus, an Isuzu truck or a pick-up such as the famous D-Max, this is the best time. Through this partnership between Isuzu and Co-op Bank, customers will get up to 95% financing to purchase the vehicle of their choice, and in addition be given a whole two months to use the vehicle before they begin repaying the loan,”he said.
“Our decision to partner with Coop Bank was informed by their business DNA, dealing with our customer base, the SMEs, their deep understanding of customer cash generation; and experience with SME customers’ business cycles. Today, we are happy to announce to a partnership that will see SMEs enjoy a raft of benefits,” said Rita. “We strongly believe that this partnership will enable SMEs grow their business without affecting their cash flow,” added Rita.
Mr. Muchangi added that the offer comes with a most reasonably-priced comprehensive insurance package priced at 4.75% of vehicle value (that includes Political Violence & Terrorism).
Isuzu EA Managing Director Rita Kavashe noted that the partnership with Co-op Bank was crucial, adding that partnership has currently financed Isuzu pickups and trucks worth Ksh 1.7 billion in 2 months with prospects to finance more assets for SMEs.
“Once we launched this partnership in late January, we have seen Isuzu pickups and trucks worth up to Ksh 1.7 billion being purchased by SMEs to invest in their business. We believe that with the launch of this daily premiums, more SMEs will take up this opportunity and grow their business,” explained Rita.