NCBA Bank Kenya and Isuzu East Africa have signed an asset financing agreement that will see Isuzu customers purchase Isuzu vehicles at an interest rate of 13 percent per annum locked for six months. Following the signing of the agreement, the two firms will run a campaign dubbed, ‘Bei Na Interest Ni Ile Ile’.
Isuzu, on the other hand, has made a commitment to lock the prices of its vehicles for the period of partnership. The firms say the campaign will stimulate business, especially from SMEs following the repeal of the interest rate capping law.
The agreement will ease planning by customers for the six months where the interest rate will not change. It guarantees stability for the six months with interest at 13 percent. Customers will benefit from a “Zero Disruption” insurance cover, courtesy of NCBA Insurance Agency. The insurance cover priced at 4.5 percent offers to pay (on behalf of customers) an equivalent of two months’ installment in case of an accident.
NCBA Group Director of Asset Finance and Business Solutions, Alan Dodd said the partnership with Isuzu represents another step forward in ensuring its dealers and customers have available and competitive financing.
Mr. Dodd further stated that the move to offer access to affordable credit stimulates business growth and subsequently creates jobs. “The campaign reinforces NCBA’s commitment to the Kenyan market by providing a compelling financing proposition.”
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