Absa Bank partners with four-vehicle dealers in new package for customers

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 Ksh. 300,000 vehicle maintenance limit on credit cards for customers who take up the offer to support them maintain their vehicles, including managing their fuel purchases.

“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 Elizabeth Wasunna, Absa Bank Business Banking Director.

She reaffirmed the bank’s commitment to providing tailor-made, value-adding solutions to its customers at affordable interest rates and sufficient repayment periods.

The new deal is in addition to the 95% funding offer for customers purchasing new vehicles of their choice, both in the commercial and passenger services categories.

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

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.