VEHICLE FINANCE

Parameter Remark
Purpose For purchase of New/Old Car
Target Groups Corporates or Individuals in the age group of 18-50 years of age subject to our due diligence
Facility Type Short Term Loan
Limit (40-50)% of the cost of the vehicle within our single borrower exposure limit.
Tenor Max 18 Months
Rate of Interest Flat 2% Interest per month or its part.
Disbursement By way of credit/remittance to the account of Dealer
Repayment Monthly Instalments
Documents Required for Corporates

Board Resolution from the Corporate Client for opening deposit/loan account/s with us and Power of Attorney granted to its managers, officers and/or employees to transact on the account.

   Bank statement for past six months

KYC Documents and photographs of the Directors/signatories. Work Permit/s if Foreigners.

Certified copies of Certificate of incorporation, Memorandum & Articles of Association, Form 20, Form 7, Form 18 (for address of the company)

   Personal Guarantee executed by Director/s

Documents Required for Individuals

   Bank statement for a minimum period of last six months

   National ID/ Passport

   Driving Permit

   2 Passport size photographs

   Copy of Invoice

   Details of Down payment/subsequent payments if any

   Proof and details of employment

   Guarantor of substantial means where applicable

   Financial Card

   TIN Certificate/PAYE Certificate/URA Tax Certificate where applicable

Processing Fee 1% of the loan amountt
Insurance Comprehensive Insurance to done
Pre-Payment Option Loan can be pre-closed. 75% of the interest for the prepaid period will be waived off
Administrative Charges 1% of the loan amount

Updated on : 1/ 1/ 2018