The Co-operative Bank has for the fifth year running, renewed the special Motor Vehicle Purchase Schemes established with major motor vehicle dealers, Isuzu East Africa Ltd and the Simba Corporation Group. The initiative is aimed at enabling Micro, Small and Medium Enterprises (MSMEs) to acquire vehicles they need at highly negotiated terms.
This special scheme makes the process of buying vehicles most affordable, with the bank financing up to 95% of the purchase price.
In addition, customers can apply for a Ksh 500,000 working capital loan facility to support their businesses, especially during this difficult Covid-19 season.
The loan has one of the longest re-payment periods in the market which is 5 years and further has a 60-day grace period and a negotiated motor vehicle insurance cover.
“As partners, we had to renew this joint scheme due to its huge popularity among SMEs, who have told us the scheme is currently the most affordable means of acquiring a wide selection of vehicles such as the popular Isuzu TFR and Mitsubishi Fuso, for their various transport needs,” Co-operative Bank Head of Business Banking Moses Gitau said.
Vehicle models under the Special Scheme for Isuzu are Pickups – TFS & TFR series, Isuzu N-series Models – NHR, NKR, NQR, NPR and Isuzu F-Series models – FRR, FSR.
Simba Colt is offering Mitsubishi Canter FE 71, 84,85CG, 85CH, Mitsubishi Trucks and Mitsubishi Pickups.
SMEs and other business customers are invited to apply for this special motor vehicle purchase scheme at any of the 155 Co-operative Bank branches countrywide, or Isuzu East Africa dealers and Simba Colt dealers to access the offer.
For further information, Kenyans can contact Head of Business Banking Co-operative Bank, Moses Gitau through his email: mgitau@co-opbank.co.ke.
The Co-operative Bank Group has restructured loans worth Ksh15 billion in the first quarter of 2020 to support customers during the Covid-19 pandemic, financial results released on Thursday, May 21, reveal.
With many sources of income affected by the pandemic, the bank engaged customers seeking a longer repayment period, those in need of an interest moratorium period and those seeking additional funding to sustain operations during the pandemic.
In a statement, the bank acknowledged the impact of the pandemic on its operations, disclosing that it had prompted an accelerated shift towards digital channels.
"The group has put in place a comprehensive mitigation strategy intended to ensure full banking services continue being accessible to customers in a safe environment consistent with the Ministry of Health guidelines.
"In this regard, we continue to leverage our digital channels while ensuring that all branch outlets remain open to offer service, with due regard to health and safety of both customers and bank teams," the statement reads in part.
For Quarter 1, 2020, the bank recorded a profit before tax of Ksh5.1 billion. Profit after tax was Ksh3.6 billion.