Stanbic to provide auto finance loans for vehicle acquisition Tata Kenya


Stanbic Bank Kenya has partnered with Tata Kenya to provide auto finance loans as well as insurance finance for the acquisition of Tata vehicles. The financing offer will apply to both existing Stanbic Bank Kenya customers and new customers.

The agreement signed between the two entities will allow customers to acquire Tata cars. Stanbic Bank will offer up to 95% financing over a period of up to 5 years with the option to bundle the insurance premium with a loan repayment. Depending on the loan repayment period, the insurance premium will be spread over the entire payment period according to a mechanism that facilitates customer payment.

Most Kenyan banks currently offer an insurance premium with a maximum term of 10 months, with customers having to reapply for each insurance financing.

At the launch of the partnership, Anjali Harkoo, Head of Client Solutions at Stanbic Bank Kenya, said: “By partnering with Tata Africa, Stanbic hopes to drive growth in the construction industry and help its clients acquire assets. quality. This bundle will ease the burden of accessing funds to insure their assets, giving them peace of mind and allowing them to focus on growing their business.

For his part, Kamal Rohira, Head of Automotive Business at Tata Africa, said: “The partnership targets individuals, SMEs and large commercial enterprises for easy and attractive loans of up to 95-100% of the cost of the vehicle. . In this partnership, we go hand in hand with customers to make Tata utility vehicles very affordable. ”

TATA Kenya recently opened TATA Approved Service Stations (TASS) in Eldoret and Kisumu. The move was aimed at ensuring customers have access to specialized services after purchase, given the growing demand for vehicles used in construction.

TATA Africa Holdings Kenya Limited established its operations in Kenya in 2006 and is a wholly owned subsidiary of TATA Africa Holdings (SA) Pty Limited. TATA Kenya’s main business interests include the assembly and distribution of Tata commercial vehicles; distribution of John Deere tractors, agricultural implements and machinery, pharmaceutical distribution. They also trade in infrastructure and construction equipment and ICT development.

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