Co-op bank extends car purchase scheme

Tuesday, May 26th, 2020 00:00 |
SME owner Silas Odero of Nyakinda (left) Construction with Co-op Bank Head of Business Banking Moses Gitau during the launch of the Co-op Bank - Isuzu East Africa Motor Vehicle Purchase Scheme for SMEs.

FINANCING:   For the fifth year running, Co-operative bank has renewed the special Motor Vehicle Purchase Scheme established with major motor vehicle dealers, Isuzu East Africa Ltd and Simba Corporation Group.

Head of business banking Moses Gitau said the move will enable micro, small and medium enterprises (MSMEs) to acquire the vehicles they need at highly negotiated terms.

Gitau said the scheme makes buying vehicles affordable, with the bank financing up to 95 per cent of the purchase price.

In addition, customers can apply for a Sh500,000 working capital facility to support their businesses especially during this difficult Covid-19 season.

The loan has one of the longest re-payment periods in the market – five years, and further has a 60 days’ grace period and a negotiated motor vehicle insurance cover.

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