In March this year, the Co-operative Bank eased the terms for Kenyans looking to venture into business or boost up their businesses with vehicles from Isuzu East Africa.
Under the renewed partnership terms, a Kenyan in the micro small and medium enterprises category can acquire any Isuzu vehicles including a pick-up, NQR or FRR truck with financing of up to 95 per cent on reducing balance.
At the same time, a business person acquiring these vehicles will get a working capital boost of Sh. 1 million and a repayment grace period of 60 days. It gets better for entrepreneurs who run schools.
These entrepreneurs will not only be eligible to acquire Isuzu school buses financed at 95 per cent, but will also be eligible to get Sh. 2 million capital.
At the same time, schools acquiring school buses will have a one-term moratorium when they purchase the buses, with repayment extended to 72 months on a termly basis, which adds up to 18 terms at zero processing fee.
Borrowers will also get insurance premium financing. CIC Insurance will provide cover at an average of 4 per cent of vehicle value for commercial vehicles and 3.5 per cent for school buses.
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According to Co-op Bank chief executive officer Dr. Gideon Muriuki, this financing package has been tailored to meet the emerging preference where entrepreneurs are giving priority to financing their stocks and operations.
“We have therefore made available an additional digital credit of up to Sh. 1 million for micro small and medium-sized enterprises customers and Sh. 2 million to schools over and above the 95 per cent and 100 per cent asset financing,” says Dr. Muriuki.
To get this deal, you can visit your nearest Co-op Bank branch, or you may request to be contacted by the bank. Click Here to Apply and Get Contacted by Co-op Bank!
