Our asset finance loan facility is designed to enable you to acquire moveable assets with ease. With this product, you can acquire an asset and use it as security for the facility. This product targets corporate customers, institutional customers, SME customers and individuals.
Our documentation is simple, straightforward and there are no hidden costs. The level of finance we grant allows you or your business to continue operation unhindered. In most cases this product will allow you to purchase vehicles, plants and equipment. We are also able to offer structured leasing solutions which enable you to make use of assets without having them on your balance sheet.
- Age Limit
- Saloon (Personal/private vehicles) & Commercial- New to 8 years old
- Equipment – New and few (bank selected 2nd hand) : Includes-: Computers, laptops, other serialized office equipment,construction equipment, earthmovers, medical equipment. (additional collateral is required e.g. logbook of a vehicle, landed property, Fixed deposit).
- Tractors – New
- School Buses - New
- Deposit (Customer contribution)
From 10% of the total cost of the vehicles – New vehicles, and 20% for 2nd hand vehicles, 30% for tractors.
NOTE: For 2nd hand vehicles – ( calculated on either the valuation or the total cost – whichever is lower).
Subject to credit appraisal.
- Interest Rate: Currently 14% p.a – Reducing balance. Note : Rates are reviewed from time to time depending on market trends.
- Repayment Period
Maximum 5 Years for New Vehicles
Maximum 4 Years for 2nd hand Vehicles
Maximum 3 Years for Equipment and Machinery
- Termly payment option for Schools is available
- Insurance -Comprehensive- Through our approved underwriters, with Bank’s interest noted on the policy
- Registration –The vehicle will be jointly registered/Transferred (Customer name and the Bank)
- Facility Fee 1% - 2% of Amount Financed (based on Type of Asset & existing Relationship).
- Vehicles must be fitted with Tracking Device from an approved service provider.
REQUIREMENTS TO APPLY:
- CBA Asset Finance Application Form.
- Identification Documents (whichever is applicable) e.g. I D Card Copy, P.I.N. Copy, Certificate of Registration, Incorporation certificate, Memorandum & Articles of Association.
- Proforma Invoice for all New Assets. For machinery/Non vehicle – attach catalogues and product specifications
- Financial information : Bank Statements, Audited accounts, Cash flow projections etc (whichever is applicable)
- Other documents that may be required for Credit Analysis & evaluation depending on the nature of Request.
- Photocopy of Logbook and/or copies of import papers(IDF, Import entry, Duty paid receipt, foreign logbook etc)
- Original Comprehensive Valuation Report – from A.A. of Kenya Limited or Regent Valuers.
- Sale Agreement/ Proforma Invoice
* The bank has the right to vary the above terms
Asset Finance Forms
- Business clients AF application form
- IPF rates
- Insurance premium finance application form
- Employed clients AF application form