Gulf African Bank has signed a one year deal with vehicle manufacturer Isuzu that will see the lender provide up to 95 % funding for its clients interested in acquiring various trucks manufactured by the Japanese automaker.
The banks customers will provide the remaining five per cent in the deal that will see Isuzu sell approximately 1,000 vehicles and according to Gulf Africa Bank’s CEO Abdalla Abdulkhalik, the partnership will make it possible for Kenyans, both muslim and non-muslim, to acquire affordable vehicles.
“The financing is open to everybody, it is not limited to the Muslim faith but we are looking at the entire country to help people acquire the vehicles for their businesses,” Mr. Abdulkhalik said in an official statement.
Some of the vehicles customers of the bank will be able to purchase following the inking of the deal include the Isuzu D-max and the Isuzu N series and F-Series trucks.
According to a news report by the Business Daily, the lender’s customers will be given a grace period of two months before they can start paying back the loan via monthly installments which will span a period of five years.
Isuzu’s Finance and Strategy Director Charles Kariuki also revealed, in the news report, that the funds would be released within 72 hours of an application under the deal which is set to further increase the automaker’s local sales.
By the end of the first quarter of 2019, Isuzu was the only major car dealer to grow its car sales within the country. The Japanese car maker’s vehicle sales rose from 891 in the first quarter of 2018 to 1019 in the period under review. Overall, in the period under review, car orders fell 14.5 per cent to 2,741 units. The increment was attributed to Isuzu inking asset financing deals with lenders such as Co-op Bank.
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