NAIROBI, Kenya, Feb 27 – NCBA Bank Kenya has partnered with Deluxe Motors to finance customer vehicle purchases.
Under the deal, the lender will offer buyers up to 90 percent financing for Ashok Leyland trucks and buses.
It will come with a 60-month repayment period and a 60-day grace period.
The partnership is expected to benefit the small and microenterprise sector, which is the largest employer in Kenya.
“Financing has been a key driver for businesses to take up assets that will help them drive up their production and recover after a period of suppressed economic activity,” Deluxe Trucks and Buses E.A. Ltd Managing Director Ameet Shroff said.
“At Ashok Leyland we are selling a range of trucks from a 3.5 ton to 14 tons with a wide range of applications from the Construction and Mining industry to Manufacturing and Logistics. All our trucks are assembled locally at the Associated Vehicle Assemblers assembly plant in Mombasa and are specifically engineered for local conditions.”
NCBA asset and finance group director Lennox Mugambi said the partnership will promote growth in the construction and mining sectors.
He urged the adoption of innovative solutions that meet market needs.
“We are excited to enter into this new venture with deluxe trucks and buses. This is a very timely partnership as we are witnessing exponential growth in the construction, mining and education sector,” Mugambi said.
