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.

  • Purpose:
    • Asset financing
    • LCY / FCY currency
  • Loan period - maximum of forty eight months
  • Interest rate - CBR + 4% (LCY)
  • Fees - appraisal fee 2% on the loan amount, then 1% on the anniversary of the loan
  • Registration form duly completed
  • National identity card / passport - original and copy
  • KRA PIN certificate
  • Three month’s payslip (if employed)
  • Latest six months bank statements
  • 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)