The closest most Kenyans come in contact with the banks is when they want to withdraw some cash, deposit some cash or looking for a loan.
Not very many Kenyans know about asset finance. And the few who have heard about it don’t know how to go about it.
What is asset finance?
Asset finance refers to a type of lending that gives one access to business assets such as equipment, machinery, and vehicles or enables one to release cash from the value in assets they already own. In simple terms, asset finance can either help you get an asset or get money out of an asset.
Say you want to own a car but do not have what it takes to purchase the car of your dreams. You can approach a bank that offers the asset finance product and they can help in footing part of the expense which you will pay later. Also, if you have a car, say you are a company that runs a transport business and would like to get a loan from the bank, the easiest way is to use the ‘assets’, in this case, the cars, as security to get a loan from a bank.
According to financial analysts, the easiest way to get a loan from a bank is through asset finance.
“It is easier as compared to other traditional loans. If someone walked into a bank with a log book and you with just papers to fill in order to get a loan, the man with the log book will walk out smiling,” said Steve Biko Wafula, a financial analyst, and researcher. “It is also the fastest way to get some urgent cash.” He added.
Rafiki Microfinance Bank
Rafiki Microfinance Bank is among the few financial institutions in the country that have successfully managed to marry both what goes on the ground and that which transpires in the banking halls.
Going through the Rafiki Asset Finance product, one gets a feel of ‘needs are taken care of’ with the flexibility of settling the same without dropping a sweat.
Rafiki Asset finance products provide ready solutions to businesses which have requirements to purchase movable assets such as personal vehicles, commercial vehicles, agricultural implements, specialized hospital equipment, motorbikes, tuk-tuks among others.
“Reaching out to this financial institution for Asset Finance products was the best decision that I ever made. Apart from the convenience, there are also a number of benefits that come along including quick processing (TAT), easy Insurance premium financing, affordable interest rates and competitive percentages of finance compared to other market players,” confessed one of the bank’s client.
Some of the asset types include:
- Personal cars
- Commercial cars
- Contractor equipment such as excavators, graders, rollers, bulldozers
- School buses
Asset Finance Products are available to both companies and Individuals.
Welcome to Rafiki Microfinance Bank for your asset financing.