If you are looking to acquire a pick up or truck to support your business and do not have adequate cash at the moment, you can get a helping hand from the Co-operative Bank.
This helping hand will not only allow you to acquire the vehicle you are looking for, but will also give you a grace period and a capital boost to ensure that your business breaks even before you can start your repayments.
How is this possible, you might ask! This is possible through a partnership between the Co-operative Bank and Isuzu East Africa which is aimed at delivering Isuzu vehicles at affordable rates and terms for the support small and medium enterprises.
Interestingly, through its asset financing package, Co-op Bank has extended the repayment period for any loan you might take to acquire an Isuzu model by a full year. It has also now allowed customers to be borrowing up to Sh. 2 million working capital in what is set to be a boost for businesses.
In addition to this, Kenyans buying commercial vehicles will enjoy a 60-day grace period.
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.
“We have observed that a good number of our business customers 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 Co-op Bank chief executive officer Dr. Gideon Muriuki on the flexible loan terms.
Under the new improved terms, 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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“The financing options cover all Isuzu vehicle models. About 95 per cent of the products we sell, including commercial trucks and buses, require financing. So if you don’t have strong financing institutions, it becomes very difficult to scale. This deal gives us room to continue to grow,” says Isuzu East Africa managing director Rita Kavashe.
