NAIROBI, Kenya, Mar 27 – Isuzu East Africa has sold pickups and trucks worth Sh1.7 billion in two months following an asset financing deal with Co-operative bank.
Isuzu EA Managing Director Rita Kavashe said the partnership with Co-op Bank was crucial, adding that partnership has prospects of financing more assets for SMEs.
Speaking during the announcement of a daily repayment program, Kaveshe said the asset financing partnership will enable SMEs to grow their business without affecting their cash flow.
“We believe that with the launch of this daily premiums, more SMEs will take up this opportunity and grow their business,” explained Rita.
This deal is targeted to help farm produce traders at Marikiti, meat traders from Burma market, hardware store owners, mitumba traders, upholstery traders from Kamukunji and Gikomba market areas.
Customers who chose the daily premium option, with 95 percent financing and 60 months repayment period, will pay Sh2,577 daily to own an Isuzu D-Max pick-up.
The partnership will run for the next 5 years offering Sh300,000 working capital injection and a 60-day repayment holiday.
Co-operative Bank Director for Retail & Business Banking, Arthur Muchangi emphasized the need for SMEs to take this opportunity to re-tool and renew their motor vehicle fleet at very affordable terms.
“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,” said Muchangi.
He said Isuzu customers who wish to boost the working capital of their business can access an additional loan of Sh300,000 to be repaid in 12 months.
Muchangi added that the offer comes with a most reasonably-priced comprehensive insurance package priced at 4.75 percent of vehicle value (that includes Political Violence & Terrorism).
In addition, Insurance Premium Finance is available to allow customers pay insurance premiums in easy installments.