Co-operative Bank has renewed for the fifth year running the special Motor Vehicle Purchase Schemes established with major motor vehicle dealers, Isuzu East Africa Ltd and Simba Corporation Group, to enable Micro, Small and Medium Enterprises (MSMEs) acquire the vehicles they need at highly negotiated terms.
This special scheme makes the process of buying vehicles most affordable, with the bank financing up to 95 percent of the purchase price.
The lender says customers can apply for a Ksh 500,000 working capital facility to support their businesses during the coronavirus pandemic.
The loan has one the longest re-payment periods in the market – 5 years and further has a 60 days’ grace period and a negotiated motor vehicle insurance cover.
“As partners, we had to renew this joint scheme due to its huge popularity among SMEs, who have told us the scheme is currently the most affordable means of acquiring a wide selection of vehicles such as the popular Isuzu TFR and Mitsubishi Fuso, for their various transport needs.” Said head of Business Banking, Co-operative Bank, Mr. Moses Gitau.
Vehicle models under the Special Scheme for Isuzu are Pickups – TFS & TFR series, Isuzu N-series Models – NHR, NKR, NQR, NPR; Isuzu F-Series models – FRR, FSR.
Simba Colt are offering Mitsubishi Canter FE 71, 84,85CG, 85CH, Mitsubishi Trucks and Mitsubishi Pickups.
The lender has urged SMEs and other business customers to apply for the special motor vehicle purchase scheme at any of the 155 branches of Co-operative Bank countrywide, or Isuzu East Africa dealers and Simba Colt dealers to access the offer.