Equity Bank Kenya and Toyota Kenya Limited have entered into a partnership deal that will see equity bank customers get up to 95 per cent financing payable within 60 months when purchasing the single cab Hilux pickups.
The partnership that seals an investment deal of Ksh.150 billion by Equity Bank, will provide the much needed financing to businesses and individuals who may wish to expand their businesses but face financial constraints.
According to the Equity Bank Kenya Managing Director, Polycarp Igathe, the partnership is mainly targeted to empower Small Medium Enterprises (SMEs) and those in the agribusiness sector from farmers to processors by providing affordable and flexible financing solutions to them.
“This is part and parcel of a pronouncement as made by our Group CEO, Dr. James Mwangi and we are taking the Ksh.150 billion that we have been investing in government securities and now taking it to Small Medium Enterprises,” he said.
During the partnership deal that saw Toyota Hilux celebrating its 50 years, Toyota Kenya Limited Managing Director, Arvinder Reel on Friday said the financing partnership with Equity, will offer customers easier options to purchase top quality, durable and reliable vehicles.
“This financing partnership with Equity Bank marks a special moment for us as we celebrate 50 years of Toyota Hilux, a vehicle that has over the years been known as one with an untouched legacy and unrivaled toughness,” he said.
With Equity having 40,000 agents and 182 branches across the country, the purchase of this package from Toyota Kenya will be made easier and accessible through these agents and branches.
The customers who will qualify for the financing will be given a 90-day grace period before beginning the repayments through Eazzy Banking App, Equitel and other Equity agents across the country.
They will also have an opportunity to choose between a one year free maintenance by Toyota or a one year comprehensive insurance from a reputable underwriter.
The event also saw two SME businessmen, Edward Mugendi and Peterson Murigi being handed over keys to each a Toyota Hilux to pilot the partnership deal.
By Ian Munjuga/ Philly Vivian