Here is a list of the top banks offering car loans in Kenya, featuring flexible repayment terms and competitive interest rates:
1. KCB Bank
- Features:
- Offers personal car loans with repayment terms of up to 72 months.
- Available to both salaried and self-employed individuals.
- Interest rate: 13% per annum.
- Benefits:
- Higher loan limits based on the value of security.
- Flexible repayment options.
2. National Bank
- Features:
- Cash-backed car loans for new or used cars.
- Interest rate: 13% per annum.
- Loan tenure:
- 60 months for new cars.
- 48 months for used cars.
- Financing up to 100% of the car’s value.
3. Stanbic Bank
- Features:
- Vehicle and asset financing for up to 60 months.
- Interest rate: 14.5% per annum.
- Benefits:
- Financing available for a wide range of vehicles (saloon cars, pick-ups, prime movers, etc.).
- Insurance premium financing.
- Flexible terms and competitive rates.
- Requirements:
- Bank statements (6 months), ID, passport, KRA PIN, proforma invoice, and logbook for used cars.
4. I&M Bank
- Features:
- Financing up to 80% of the vehicle cost.
- Loan duration: 48 months.
- Interest rate: 13% per annum.
- Benefits:
- Quick application process.
- Financing available for both new and used vehicles, including heavy commercial and earth movers.
- Insurance premium financing option available.
5. Co-operative Bank
- Features:
- Financing for moveable assets like cars, tractors, and buses.
- Interest rate: 13% per annum.
- Competitive pricing in both local and foreign currency.
- Requirements:
- Copies of ID, KRA PIN, and importation documents.
6. Family Bank
- Features:
- Up to 80% financing for brand-new vehicles.
- Interest rate: 13% per annum.
- Loan repayment periods:
- 4 years for brand-new vehicles.
- 3 years for used vehicles.
- 2 years for used PSVs.
- Requirements:
- Proforma invoice, ID, KRA PIN, bank statements, and vehicle valuation reports.
7. NCBA
- Features:
- Interest rate: 13% per annum.
- Loan approval within 12 hours for eligible customers.
- Financing for vehicles up to 8 years old.
- Benefits:
- Flexible payment options and additional insurance premium coverage if needed.
These banks offer comprehensive car loan solutions tailored to meet the needs of individuals and businesses. With competitive interest rates and repayment options, owning a vehicle is within reach.
