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Absa Bank Kenya has partnered with investment platform Melanin Kapital to launch a program that provides social impact-driven startups with up to Sh3 million lending

Kenya

Absa Bank unveils longest repayment period for its Asset Financing proposition at 6 years

NAIROBI, Kenya, Dec 9 – Absa Bank Kenya PLC has enhanced its vehicle asset financing proposition by extending the repayment period to six years or 72 months, the longest tenor in the vehicle asset financing industry.

The deal also comes with a Sh300, 000 vehicle maintenance limit on credit cards for customers who take up the offer to support them maintain their vehicles, including managing their fuel purchases. This is in addition to the 95% funding offer for customers purchasing new vehicles of their choice, both in the commercial and passenger services categories.

Under this deal, the bank has partnered with the four major distributors in East Africa, namely Toyota Kenya, Isuzu East Africa, DT Dobie, and Simba Colt.

Speaking about this partnership, Absa Bank Business Banking Director, Elizabeth Wasunna, reaffirmed the bank’s commitment to providing tailor-made, value-adding solutions to its customers at affordable interest rates and sufficient repayment periods.

“We are in an unprecedented economic time and well apprised of the ravaging effects of the Covid-19 pandemic on all sectors, particularly SME sector. This partnership with the four-vehicle dealers acknowledges this, hence the packaging of what we consider as an affordable, accommodative and flexible financing deal,” said Wasunna.

Under the deal, SMEs, salaried customers, and those in the expansive commercial business space, including schools, colleges, churches, and others will have access to a holistic proposition which also includes insurance and insurance premium financing, all under one roof.

Wasunna further added that the financing deal is open to both Absa Bank customers and potential customers who would wish to purchase vehicles and are looking to be financed by a financial institution.

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