I&M Bank has launched the Medical Equipment Financing product, a tailor-made financing solution for health care service providers.
The product builds upon I&M Bank’s reputation for developing innovative products and services, specific to customers’ lifestyle and financial requirements, in this case for the Premium Banking customers.
The Asset Finance solution will cover a range of equipment that covers the following: X-rays, Dialysis, Theatre, Intensive Care Unit, Ultrasound Machines, Radiology, Sterilisation, and Laboratory among others.
Commenting on the development, Kihara Maina, CEO, I&M Bank, Kenya noted, “The Government seeks to improve access to quality and affordable health services through various interventions. The Bank plans to tap into this opportunity by providing Medical Equipment Financing through this proposition.”
“Strategic developments such as these align with I&M Bank’s business model anchored on its purpose of being a partner of growth for all our key stakeholders. We believe that this financing will help our customers in the healthcare industry to accelerate their business growth while impacting the greater good on universal health care. “Kihara added
Customers benefitting from this product will enjoy an in-chamber service where a designated Relationship Manager will visit their premises to guide them through the application process.
They will also benefit from an All Risk insurance cover for the financed equipment at a discounted premium through the I&M Insurance Agency Ltd.
The Bank will further provide competitive rates under insurance premium financing (IPF) for this Asset Financing option, aimed at easing the burden to make lump sum insurance premium payments in convenient monthly installments. In addition, customers will suffer no penalty for early repayment.
I&M Bank has laid out an aggressive growth strategy for its Asset Finance portfolio in a bid to diversify revenue streams for its net interest income. The Bank has over the last couple of months rolled out Asset Finance deals among them Vehicle Asset Finance partnerships aimed at achieving this objective.
Sarit S Raja Shah, I&M Bank’s Executive Director, concluded that the Bank’s Corporate strategy’s objective is to build a deeply customer-focused organization responsive to changing dynamics in the financial sector. The Medical Equipment Financing product is one such product targeting our premium banking segment in the health care sector.