Asset financing allows individuals and businesses to acquire movable assets such as motor vehicles, machinery, and equipment. Below is a list of the best banks in Kenya offering asset financing:
1. Co-operative Bank
- Features:
- Financing for all types of movable assets (e.g., vehicles, equipment).
- Flexible repayment period with an interest rate capped at 13% per annum.
- Competitive pricing in local and foreign currency.
- Automatic reminders for insurance expiry.
- Requirements:
- Copies of ID and KRA PIN.
- Invoices/importation documents.
2. NCBA Bank
- Features:
- Competitive interest rate of 13% per annum.
- Fast services, completed seven times faster than industry norms.
- Flexible payment options to suit customer needs.
3. Family Bank
- Features:
- Financing of up to 80% for new vehicles and 70% for used vehicles.
- Interest rate of 13% per annum.
- Loan repayment period:
- 4 years for new vehicles.
- 3 years for used vehicles.
- 2 years for used PSVs.
- Requirements:
- Copies of ID, KRA PIN, and bank statements (6 months).
- Sales agreement and valuation reports for used vehicles.
- Vehicles should not exceed 10 years of age at loan expiry.
4. Absa Bank
- Features:
- Offers Flexi Buy, Flexi Rent, and Flexi Lease solutions.
- Interest rate of 13.5% per annum.
- Flexi Buy: Ownership transferred at the end of the repayment period.
- Flexi Lease: Use the asset during the lease term with an option to purchase.
- Flexi Rent: Fixed monthly payments without ownership hassles.
5. KCB Bank
- Features:
- Financing for motor vehicles, heavy commercial vehicles, school buses, plant machinery, agricultural, medical, and construction equipment.
- Interest rate: 13% per annum.
- Requirements:
- Completed KCB application form.
- Copies of ID, KRA PIN, and bank statements (12 months for non-KCB customers).
- Valuation report for used vehicles and proforma invoices.
6. National Bank
- Features:
- Offers Shariah-compliant Amanah Asset Financing.
- Flexible repayment period of up to 48 months.
- Interest rate: 13% per annum.
- Personal advisory services tailored to customer needs.
7. Equity Bank
- Features:
- Financing for business or personal assets such as motor vehicles and equipment.
- Loan period:
- Up to 60 months for second-hand vehicles.
- Up to 120 months for new vehicles.
- Up to 100% financing.
- Requirements:
- ID, PIN certificate, payslip, and valuation report.
- Loan application forms and logbook.
8. I&M Bank
- Features:
- Covers motor vehicles, machinery, and equipment.
- Interest rate: 13% per annum.
- Financing up to 80%.
- Requirements:
- Completed asset finance application form.
- Proforma invoice from vendor.
- PIN certificate, incorporation documents, bank statements, and valuation reports for used assets.
These banks offer competitive interest rates, flexible repayment options, and tailored solutions to support individuals and businesses in acquiring essential movable assets.
