KCB Bank partners Deluxe Motors for vehicle purchase financing

KENYA – KCB Bank has inked a deal with Deluxe Trucks & Buses East Africa Ltd, which will see its customers access flexible financing options to purchase the vehicles.

In the partnership, customers will enjoy up to 95 per cent funding with an extended repayment period of 72 months and a 60-day payment holiday.

Speaking during the event, KCB Bank Director of Corporate Banking Esther Waititu noted that the arrangement aligns with the Bank’s vision to leverage partnerships that seek to provide value to its customers.

“We are delighted to partner with Deluxe Trucks & Buses as is a reflection of our commitment to supporting key customers to derive value from their long-standing loyalty,” Waititu said.

In addition, customers will have the privilege to access an embedded tracking and insurance package and access to unsecured working capital of up to 3 million, among other bank products available at the bank.

“The partnership targets individuals, Small Medium Size companies, and large commercial businesses for flexible financing of up to 95% of the vehicle cost,” Deluxe Trucks & Buses E.A., Managing Director Ameet Shroff said.

“Delivering uptime to customers is our key objective and we will ensure that our customers are continuously served with complete satisfaction.”

Deluxe Trucks & Buses E.A. Ltd, which is a wholly owned subsidiary of Simba Corp, was appointed the sole authorized distributor of the full range of Ashok Leyland brand of trucks and buses.

The vehicles are locally assembled at Associated Vehicle Assemblers (AVA), which is also owned by Simba Corp.

Recently, it partnered with Bank of Baroda to finance up to 90 percent of all Ashok Leyland trucks and buses.

In a bid to ease the financial load in the current business environment, new and repeat customers will in addition enjoy discounted loan facility fees.

The Small and Micro Enterprise sector, which is the largest employer in Kenya, will be the biggest beneficiary of this unique financing partnership, which will run for the next year.

The partnership will offer customers up to 90 percent Financing on reducing the balance over a maximum tenor of 60 months. In addition, customers will receive a grace period of 90 days after the vehicle release date before loan repayment with all loan application charges waived.

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