Co-op Bank renews vehicle financing scheme with Isuzu, Simba Colt: The Standard

Business News
The loan has one the longest re-payment periods in the market – five years, and further has a 60 days’ grace period

Co-operative Bank has renewed the special Motor Vehicle Purchase Schemes between the bank and major motor vehicle dealers, Isuzu East Africa Ltd and Simba Corporation Group, to help Micro, Small and Medium Enterprises (MSMEs) acquire the vehicles at negotiated terms. It is the fifth year running, the special scheme which makes the process of buying vehicles most affordable, with the bank financing upto 95 per cent of the purchase price has been renewed. In addition, customers can apply for a Sh500,000 working capital facility to support their businesses especially at this difficult Covid-19 season. The loan has one 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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The Bank’s head of business banking Moses Gitau said: “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.” Vehicle models under the special scheme for Isuzu are Pickups – TFS and 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.  SMEs and other business customers are invited to apply for this 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.