NAIROBI, Kenya, Jul 28- I&M Bank Limited and Crown Motors Group Limited have signed a Vehicle Asset Financing partnership agreement where the Bank will finance Crown Motors passenger cars and light commercial vehicles.
The Nissan product range includes the popular new Y62 Nissan Patrol, Xtrail, Urvans and Pick up ranges and the soon to be introduced New Navara Range, Terra, Qashqai and Magnite.
The partnership will see the Bank provide up to 100 percent Asset Financing to its customers.
Under the agreement, customers will enjoy competitive interest rates at extended repayment periods of up to 5 years.
The Bank through the Bancassurance arm will also provide an enriched comprehensive motor insurance package at a discounted premium rate through this Asset Finance option.
In addition, the Bank will provide insurance premium financing for this Asset Financing agreement allowing customers to make premium payments in affordable installments.
Customers will also get a two-month repayment holiday under this agreement.
Commenting on the partnership, Kihara Maina, CEO, I&M Bank Limited noted, “I&M Bank’s corporate strategy focuses on driving business growth through diversification of various revenue streams. Key among them is to grow the loan book quality and portfolio by building quality interest-earning assets with partnerships such as this. The partnership with Crown Motors is most welcome as it aligns with our business model.”
The Asset Financing agreement with Crown Motors is expected to complement I&M Bank’s strategic lending initiatives for its Corporate, Business and Premium Banking segments.
“Our clients financial and lifestyle requirements are ever-changing. As a financial institution, we endeavour to anticipate these dynamic needs and innovate products and services that are able to fulfil these needs. This strategic tie-up with Nissan Kenya is crucial and quite timely, as it presents our potential and existing clients, a wider choice of vehicles to purchase from where they will be assured of safety and quality, ” Maina concluded.
