Hire Purchase
Hire purchase enables Small to Medium Enterprise's to acquire new and second hand / reconditioned assets and repay over a period of time.
Features
- Purpose:
- Asset financing
- LCY / FCY currency
- Loan period - maximum of 48 months for new vehicles and 36 months for used vehicles
- Interest rate - prevailing market rate
- Fees - appraisal fee 2% on the loan amount, then 1% on the anniversary of the loan
Requirements
- Registration form duly completed
- National identity card / passport - original and copy
- KRA PIN certificate
- Three month’s payslip (if employed)
- Latest 6 months’ bank statements if not banking with DTB
- Request to contain purpose / need
- Certificate of registration (if proprietor or partnership)
- Copy of logbook, if a vehicle is used
- Valuation report from the authorised valuer, in case of used vehicle
- Latest audited accounts and annual returns (for companies)
- Copies of memorandum and articles of association (for companies)
- Certificate of incorporation (for companies)
- Board resolution authorising the borrowing (for companies)
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