I&M Bank and Crown Motors Group Ink Deal on Asset Financing
I&M Bank Limited and Crown Motors Group Ltd have entered into a Vehicle Asset Financing partnership agreement where the Bank will finance Crown Motors passenger cars and light commercial vehicles. The Nissan product range includes the popular new Y62 Nissan Patrol, Xtrail, Urvans and Pick up ranges and the soon to be introduced New Navara Range, Terra, Qashqai and Magnite.
The partnership will see the Bank provide up to 100% Asset Financing to its customers.
Under the agreement, customers will enjoy competitive interest rates at extended repayment periods of up to 5 years. The Bank through the Bancassurance arm, will also provide an enriched comprehensive motor insurance package at a discounted premium rate through this Asset Finance option.
In addition, the Bank will provide insurance premium financing for this Asset Financing agreement allowing customers to make premium payments in affordable instalments. Customers will also enjoy a two-month repayment holiday under this agreement.
Commenting on the partnership, Kihara Maina, CEO, I&M Bank Limited noted, “I&M Bank’s corporate strategy focuses on driving business growth through diversification of various revenue streams. Key among them is to grow the loan book quality and portfolio by building quality interest earning assets with partnerships such as this. The partnership with Crown Motors is most welcome as it aligns with our business model.”
The Asset Financing agreement with Crown Motors is expected to complement I&M Bank’s strategic lending initiatives for its Corporate, Business and Premium Banking segments.
“Our clients financial and lifestyle requirements are ever-changing. As a financial institution, we endeavour to anticipate these dynamic needs and innovate products and services that are able to fulfil these needs. This strategic tie-up with Nissan Kenya is crucial and quite timely, as it presents our potential and existing clients, a wider choice of vehicles to purchase from where they will be assured of safety and quality.” Mr. Maina concluded.
I&M Bank provides a robust Asset Finance offering for both business and private assets for motor vehicles, machinery and equipment at competitive prices and are quick and simple to apply for with flexible repayment options.
“With a network of over 22 accessible service outlets countrywide, we are committed to serve you as our valued customers. The Nissan brand is well established in this market and in the region being renowned for its toughness, durability and economic cost of ownership”, said the Crown Motors Group Managing Director, Tony Voorhout.
“I believe that this asset financing agreement between the two organisations is sure to give the consumer better value for money, especially in these very tough and trying times; we are continuously striving to make it easier for Kenyans to have access to asset financing to acquire top quality vehicles that are renowned for their safety and reliability”, said Crown Motors Group’s National Sales Manager Maliha Sheikh in a statement.
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