Absa, Simba Corp Partner to Expand Vehicle Financing

The two companies have signed a Memorandum of Understanding (MoU) that will see customers access asset financing packages aimed at helping businesses expand, improve transport operations and invest in machinery without having to raise the full purchase price upfront.Under the partnership, businesses can finance up to 95 per cent of the cost of commercial vehicles, including trucks, buses, light commercial vehicles and fleet solutions. The loans will be repayable over a period of up to 72 months.School bus buyers will have access to 100 per cent financing, with repayment spread over up to 84 months, giving schools a little more breathing room when making what can be a sizeable investment.Individuals buying passenger vehicles will also qualify for financing of up to 95 per cent, repayable over 72 months.Absa Bank Kenya Director of Business Banking Renato D’Souza said the partnership was intended to address the financing challenges that often prevent small and medium-sized businesses from acquiring the vehicles and equipment they need.
https://businesstoday.co.ke/absa-simba-corp-expand-vehicle-financing/