Toyota Kenya, the distributor of HINO trucks has signed an agreement with NIC Bank to provide small medium enterprises and corporate organizations with loans to purchase their trucks.
According to the agreement, Toyota HINO truck customers will receive up to 80 percent financing on the total cost of the truck, payable within 60 months, a move aimed at growing the uptake of commercial motor vehicles in the country.
Speaking at the signing ceremony on Wednesday at Toyota HINO showroom, Nairobi, Toyota Kenya Managing Director, Arvinder Reel said that the company is cognizant of the big role financing plays in the total cost of ownership of motor vehicle.
“By offering Small Medium Enterprises (SMEs) and corporate organizations the opportunity to acquire commercial vehicles through asset financing, you free up cash that is directed into other lines of the business,” said Reel.
“Our partnership will help customers from all sectors of the economy to grow while using our products. We have realized that this year a lot of sectors are growing,” he added Reel.
The NIC Bank Executive Director, Alan Dodd said that the bank is happy with the partnership as it demonstrates their shared goal of empowering small businesses to grow and expand.
“By virtue of our strength in our product offering, this strategic partnership for HINO trucks presents a strong value proposition to SMEs and individual customers who are keen on expanding their businesses but face strained cash flows,” said Dodd.
Dodd added that the deal would see a 60 day repayment holiday for customers and a one-day turnaround time for applications, which could be accessed online at the NIC Bank Website.
HINO Division General Manager Gerald Muli assured its customers of its commitment to providing them with high quality products and services.
By Lenard Lubanga/Samuel Kitavi