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Isuzu, Co-op Bank Ink Deal To Allow Daily Payment Of Vehicle Mortgages

Director Retail & Business at Co-op Bank Arthur Muchangi with bank customer Silas Odero of Nyakinda Construction, Managing Director Isuzu East Africa Rita Kavashe and General Manager CIC Insurance Joseph Kamiri. [PHOTO/ COURTESY]

Isuzu East Africa (Isuzu EA) and Co-operative Bank of Kenya have inked a deal that will allow loanees to make daily repayments.

Speaking during the signing of the deal, Isuzu EA Managing Director Rita Kavashe said that the deal is expected to take away the anxiety of an expected huge amount payment required at the end of the month.

“We strongly believe that this partnership will enable SMEs grow their business without affecting their cash flow,” said Ms Kavashe.

The partnership targets SME owners intending to buy Isuzu vehicles where they get up 95 percent financing from Co-operative Bank.

The customers are given two months to use the vehicle before they begin repaying the loan, which is to be repaid over an extended period of five years every day.

“For those Isuzu customers who also wish to boost the working capital of their business, we are providing an additional loan of Ksh300,000 to be repaid in 12 months,” said Co-operative Bank Director for Retail & Business Banking, Mr Arthur Muchangi.

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The offer comes with comprehensive insurance package priced at 4.75 per cent of vehicle value (that includes Political Violence & Terrorism).

The deal targets traders at Marikiti, meat traders from Burma market, hardware store owners, mitumba traders, upholstery traders from Kamukunji and Gikomba market areas.

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