Passenger Car Financing
What You Need to Open an Account
The requirements are as follows:
For Individuals
ID & PIN copies
Latest 8 Months certified bank statements for Non-DTB customers
Proforma invoice/ Asset sale agreement obtained from dealer/seller
Hire Purchase (HP) application form duly completed
Three months’ pay slips, and letter of Employment for salaried applicants.
Key Features
1. For New Motor Vehicles
- Up to 100% financing.
- Up to 72 months repayment period.
- Competitive interest rates.
2. For Used Vehicles
- Up to 80% financing.
- Up to 60 months repayment period.
- Maximum age of vehicles 8 years old.
- Logbook copy.
- Competitive interest rates.
Note
The above is, however, subject to credit appraisal. Please be advised that financing is available to both DTB and non-DTB customers
Applicants are eligible to apply for Insurance Premium Financing
FAQs
Max 100%, depending on the asset type, age, vehicle purpose and customer’s ability. Ideally not lower than Kshs 300k as an industry practice. Core capital and industry limits on maximum.
Loan interest, processing fees, credit life, valuation, insurance plus renewals, tracking for loan term, etc.
Maximum 72 Months for new vehicles depending on type/model & age, and 84 for school buses. Payments may be monthly, quarterly, termly for education sector, or aligned to the customers’ revenue cycles (e,g in farming).
Max 8 years for vehicles & up to 15 for Yellow Goods.
Margins & tenor maybe adjusted for assets outside this age bracket with mitigants additional securities, margins or tenor.
All moveable Capex assets- Vehicles, equipment (construction, medical, industrial), plant, aircraft, etc.
48 to 72 hours where documentation is complete, & one week for corporate cases.
KYC, Financials & support documentation for specific requests- Employees, contractors, schools, Traders, etc
Engage the Bank, for restructure where justifiable. You may consider disposing off the asset.
The Asset (logbook) is the primary security; then contract, guarantees, Insurance, or other conventional additional collaterals.
Yes, even several: if your ability to repay and track record are intact.
No, you instead safe on interest and improve track record.
No, until the last cent is cleared. You are also exposed to interest penalties for default and administrative charges.
Yes, in liaison with the bank. It affects the logbook, contract & Insurance class.
Yes, as a Sale and valuation done. Notify the bank, so that all proceeds are assigned accordingly, shortfalls addressed & clear asset value determined. Avoid ‘Sukuma deni’ which is very risky.
The Bank, until the loan is fully paid/ insurance claim paid in case of accident / or auction.
Report to the insurance company, and the bank. You are however expected to continue with loan service, to preserve track record and avoid interest penalties.
This is annual, and value/premiums determined every year through a valuation. The bank can offer IPF for up to 10 months.
This covers the customers death, permanent disability, critical illness, last respect and retrenchment for employees.
