NCBA To Provide 90% Financing To Those Buying Ashok Leyland Trucks

KEY POINTS
The partnership will offer customers up to 90% financing over a maximum tenor of 60 months. In addition, customers will receive a grace period of 60 days after the vehicle release date before loan repayment can begin.
NCBA Bank in Kenya has signed an asset finance deal with Deluxe Motors that will see the lender offer up to 90% financing, for Ashok Leyland trucks and buses.
The Small and Micro Enterprise sector, which is the largest employer in Kenya, will be the biggest beneficiary of this unique financing partnership, which will run for the next three months.
The partnership will offer customers up to 90% financing over a maximum tenor of 60 months. In addition, customers will receive a grace period of 60 days after the vehicle release date before loan repayment can begin.
Ameet Shroff, Managing Director of Deluxe Trucks, and Buses E.A. Ltd said, “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.
At Ashok Leyland, we are selling a range of trucks from 3.5 tons 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.”
“We are very proud of this milestone and with Simba Corp and Deluxe Trucks and Buses we are encouraged by the growth potential of the Kenyan market for Ashok Leyland. We are in this market to help businesses in construction, mining, logistics, and delivery to continue growing. Our product ranges from the Phoenix, the Boss to the 2315 Tipper helps MSMEs and SMEs continue to expand and grow their businesses,” said the President of International Business for Ashok Leyland, Mr. Amandeep Singh.
Lennox Mugambi, Group Director Asset Finance, and Business Solutions, NCBA said, “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 sectors.”
“As the market leader in asset financing, NCBA advocates for the adoption of innovative solutions that meet the needs of the market. This partnership is a testament that the solution being offered is disruptive and will leverage everyday market insights to deliver working solutions offered by Deluxe. Last year, NCBA grew its market share in Asset Finance to 36% up from 33%” He added.
The move comes as the construction sector is projected to grow driven by the government’s infrastructure projects. Last year, Kenya banned the importation of used trucks with load capacities of 3.5 tonnes and above effective July 1, 2022. In the notice issued by the NCBAKenya Bureau of Standards, tractor heads and prime movers not older than three years will continue to be imported until June 2023 after which only new units will be allowed in.
Related Content: NCBA Is Ready To Pay KRA The Tax Waiver Should The Court Rule Otherwise
About Soko Directory Team
Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory
- January 2025 (118)
- February 2025 (78)
- January 2024 (238)
- February 2024 (227)
- March 2024 (190)
- April 2024 (133)
- May 2024 (157)
- June 2024 (145)
- July 2024 (136)
- August 2024 (154)
- September 2024 (212)
- October 2024 (255)
- November 2024 (196)
- December 2024 (143)
- January 2023 (182)
- February 2023 (203)
- March 2023 (322)
- April 2023 (298)
- May 2023 (268)
- June 2023 (214)
- July 2023 (212)
- August 2023 (257)
- September 2023 (237)
- October 2023 (264)
- November 2023 (286)
- December 2023 (177)
- January 2022 (293)
- February 2022 (329)
- March 2022 (358)
- April 2022 (292)
- May 2022 (271)
- June 2022 (232)
- July 2022 (278)
- August 2022 (253)
- September 2022 (246)
- October 2022 (196)
- November 2022 (232)
- December 2022 (167)
- January 2021 (182)
- February 2021 (227)
- March 2021 (325)
- April 2021 (259)
- May 2021 (285)
- June 2021 (272)
- July 2021 (277)
- August 2021 (232)
- September 2021 (271)
- October 2021 (304)
- November 2021 (364)
- December 2021 (249)
- January 2020 (272)
- February 2020 (310)
- March 2020 (390)
- April 2020 (321)
- May 2020 (335)
- June 2020 (327)
- July 2020 (333)
- August 2020 (276)
- September 2020 (214)
- October 2020 (233)
- November 2020 (242)
- December 2020 (187)
- January 2019 (251)
- February 2019 (215)
- March 2019 (283)
- April 2019 (254)
- May 2019 (269)
- June 2019 (249)
- July 2019 (335)
- August 2019 (293)
- September 2019 (306)
- October 2019 (313)
- November 2019 (362)
- December 2019 (318)
- January 2018 (291)
- February 2018 (213)
- March 2018 (275)
- April 2018 (223)
- May 2018 (235)
- June 2018 (176)
- July 2018 (256)
- August 2018 (247)
- September 2018 (255)
- October 2018 (282)
- November 2018 (282)
- December 2018 (184)
- January 2017 (183)
- February 2017 (194)
- March 2017 (207)
- April 2017 (104)
- May 2017 (169)
- June 2017 (205)
- July 2017 (189)
- August 2017 (195)
- September 2017 (186)
- October 2017 (235)
- November 2017 (253)
- December 2017 (266)
- January 2016 (164)
- February 2016 (165)
- March 2016 (189)
- April 2016 (143)
- May 2016 (245)
- June 2016 (182)
- July 2016 (271)
- August 2016 (247)
- September 2016 (233)
- October 2016 (191)
- November 2016 (243)
- December 2016 (153)
- January 2015 (1)
- February 2015 (4)
- March 2015 (164)
- April 2015 (107)
- May 2015 (116)
- June 2015 (119)
- July 2015 (145)
- August 2015 (157)
- September 2015 (186)
- October 2015 (169)
- November 2015 (173)
- December 2015 (205)
- March 2014 (2)
- March 2013 (10)
- June 2013 (1)
- March 2012 (7)
- April 2012 (15)
- May 2012 (1)
- July 2012 (1)
- August 2012 (4)
- October 2012 (2)
- November 2012 (2)
- December 2012 (1)