KCB and Tata Africa customers will now be able to access a competitive asset-based loan enabling them to secure vehicles from TATA Africa Holdings.
This has been made possible through a partnership between KCB and TATA Africa where KCB will fund up to 95% of the loan with an extended repayment period of 72 months. Additionally, customers will also enjoy a comfortable 60-day payment holiday and.
The partnership will also give customers the privilege to access an embedded tracking and insurance package and a free driver Life insurance limit of Ksh1 million over the entire loan period from KCB Bancassurance intermediary.
KCB SAHL Banking customers under the Shariah-compliant banking service will also be able to purchase trucks from TATA Africa through the partnership.
Speaking during the event, KCB Bank Kenya Corporate Director Esther Waititu said: “KCB Group has positioned all its products with simple and efficient end-to-end business models that complement the needs and financial capabilities for our customers’ business growth and we will continue to forge more partnerships like this. This asset finance deal with TATA Africa is a perfect reflection of this commitment.”
Tata Africa have been the market leaders in their category and Tata has become a brand of choice for most in the construction sector, a key pillar in the Kenyan economy.
On his part, Kamal Rohira, Auto Business Head – Tata Africa Holdings (K) Ltd said: “The partnership targets individuals, Small Medium Size companies and large commercial businesses for easy and attractive loans of up to 95% of the vehicle cost. Delivering uptime to customers is our key objective and we will ensure that our customers are continuously served with complete satisfaction. TATA has an active population of more than 15,000 commercial vehicles in the country, which is served by 11 service stations and 23 part retailers. In this partnership, we go hand in hand with customers in making Tata commercial vehicles very affordable”
TATA Kenya has recently opened TATA Authorized Service Stations (TASS) in Eldoret and Kisumu. This move aims to ensure that customers get access to specialized services post-purchase, given the rising demand for vehicles used in construction.
The agreement begins on November 10, 2021 and will last for one year.