KENYA – I&M Bank Limited and Toyota Kenya have entered into an asset financing deal targeting the bank’s premium and business customers, as well as potential customers.
The deal will see the bank offer up to 90% financing for Toyota Kenya’s passenger and commercial vehicles including Hino trucks, Hilux single and double cabs, Land cruisers, Prados, Fortuners, Rush and Rav 4 vehicles, among others.
The scheme includes purchase of Toyota, Suzuki, Hino, and Yamaha brands.
Under the agreement, customers will enjoy competitive interest rates at extended repayment periods of up to 5 years, and the benefit of making insurance premium payments in affordable monthly instalments under the Insurance Premium Financing (IPF).
“The premium and business customers form a significant percentage of the bank’s customer base. As a financial institution, through our Corporate Strategy we endeavour to provide market driven solutions to our customers. We therefore welcome this partnership with Toyota Kenya as it highlights our commitment to consistently deliver value added financing solutions to help meet our clients’ lifestyle and financing requirements,” Kihara Maina, CEO, I&M Bank Limited noted.
“Toyota Kenya has a strong heritage on provision of high-quality vehicles and motorcycles. I believe that by partnering with the motor company, our customers will enjoy the benefit of acquiring high quality private and commercial vehicles, assured of safety that also gives them value for their money.” Kihara Maina further said.
On his part, Toyota Kenya Managing Director, Arvinder Reel said, “Our goal is to offer Kenyans an opportunity to acquire brand new vehicles that will deliver exceptional service for the passenger or commercial use, and this partnership with I&M Bank provides an avenue for consumers to make the purchase in affordable instalments. Our brand portfolio under Toyota Kenya’s portfolio has been growing to include brands that are affordable, fuel efficient, competitively priced and a strong countrywide aftersales branch network to provide total solution at our customers’ convenience.”
The strategic tie up with Toyota Kenya is expected to further enhance I&M Bank’s interest income revenue streams as a diversification strategy to grow the loan book size and quality, and will complement I&M Bank’s strategic lending initiatives for its business and premium banking segments, by which the bank plans to take full advantage of to grow its market share.
I&M Bank offers a wide array of asset finance solutions for business and private assets for motor vehicles, machinery and equipment at competitive interest rates, with quick turnaround time for financing requests and flexible repayment periods.