Toyota Kenya, through its Hino Division, has today signed a partnership agreement with National Bank of Kenya (NBK) that will see customers get up to 100% financing, payable within 60 months on Hino trucks and buses.
The strategic deal is expected to boost the SME sector by giving entrepreneurs affordable access to high end trucks and buses for their businesses.
Speaking at the signing ceremony, Toyota Kenya Managing Director, Arvinder Reel said the company was well cognizant of the huge role financing plays in the total cost of owning a motor vehicle. NBK will offer the facility at an interest rate of 13%.
“We welcome the financing partnership with National Bank as we endeavour to offer our Hino customers an easier way to acquire assets that will support their business especially in the prevailing economic conditions. Hino trucks are the best-selling in Japan, and we have transferred the winning technology and combining it with the knowledge of the local terrain in producing a truck that runs efficiently.”
The asset financing product is designed to support existing businesses in the transport industry by providing relevant financial solutions.
“This strategic partnership highlights our commitment to consistently deliver value-added financial services to our customers, particularly in the SME segment. Our plan is to support businesses across industries to thrive, create jobs and unlock other economic benefits,” said Paul Russo, the NBK Managing Director.
NBK is giving customers who qualify for the financing, a 60-day repayment holiday. In addition, customers who purchase Hino trucks and buses under the agreement terms have an opportunity to receive up to Ksh300,000 in working capital from the bank, payable within 12 months, as well as insurance premium financing for 10 months.
The Hino trucks, which are assembled locally, have been optimized with a quality chassis, power train and suspension system to handle the local harsh terrains, and provide superior comfort for both the driver and the passengers.
“The two models, the Hino 300 and Hino 500 FC trucks have particularly done well in the market with customers identifying the engine as being key since it offers the best fuel efficiency in the market and low emissions,” added Mr. Reel.