Gulf African Bank business customers now stand to gain from a vehicle loan deal signed between the lender and Toyota Kenya.
Under the deal, Gulf African Bank will extend financing up to 95 percent of the value of the unit, repayable by the customer within a period of 60 months or five years.
The lender’s Corporate and SME customers will purchase Hino trucks and buses, and Hilux single and double cab pick-ups through diminishing Musharakah-based vehicle financing.
Toyota Kenya Managing Director, Arvinder Reel, said the partnership will open opportunities for customers looking at alternative financing models for the acquisition of commercial vehicles to further their businesses.
“We however also look at this partnership as yet another route through which customers can enjoy the benefits of owning brand new passenger vehicles such as the Toyota Starlet, Corolla Cross, Suzuki Brezza and others at an affordable pricing that starts from Ksh.2 million,” said Reel.
The Deputy Chief Executive Officer, Anuj Mediratta said the partnership was vital for its customers at a time when the economy is reeling from the coronavirus pandemic.
“We are confident that by partnering with like-minded institutions like Toyota Kenya, we are going to play a critical role in spurring private sector growth in the country especially during this period of Covid 19 when most businesses have been affected. This financing arrangement is available to both GAB and non-GAB customers seeking Shariah-compliant financing to purchase different types of motor vehicle models and motorcycles on offer from Toyota Kenya to ease their logistical challenges. This partnership further reinforces our position as the leading Shariah compliant asset financing partner in Kenya,” said Mediratta.
However, educational institutions will nonetheless receive up to 100 percent financing for Hino school buses, an amount payable in 60 months, but with a three-month repayment holiday.
The deal also offers non-Gulf African Bank customers who wish to purchase Toyota or Suzuki models through them a 90 percent financing, repayable within the same period.
