Absa Kenya Extends Repayment Period For Asset Finance To 6 Years

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 as customers continue to struggle with the impact of Covid-19.

The deal also comes with a 300, 000 shillings vehicle maintenance limit on credit cards for customers who take up the offer to support them maintain their vehicles, including managing their fuel purchases.

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

Under this deal, the bank has partnered with the four major distributors in East Africa, namely Toyota Kenya, Isuzu East Africa, DT Dobie, and Simba Colt. This means a customer who wants to own either of the cars will only pay 5 percent.

Speaking about this partnership, Absa Bank Business Banking Director, Elizabeth Wasunna, reaffirmed the bank’s commitment to providing tailor-made, value-adding solutions to its customers at affordable interest rates and sufficient repayment periods.

“We are in an unprecedented economic time and well apprised of the ravaging effects of the Covid-19 pandemic on all sectors, particularly the 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 Wasunna.

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 that 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.

Covid-19 continues to negatively impact businesses and individuals in Kenya.