By Edna Mwende
I&M Bank has signed a deal with MHH International, a UK-based shipping firm, to finance up to 80 percent cost of importing luxurious vehicles from the Australia, UK, and Japan for its premium and corporate clients
The partnership will see the bank offer its wealthy customers loans to help them acquire luxurious, high-end cars from select countries.
Upon approval by I&M Bank, MHH International will handle the vehicle sourcing within the UK, Australia and Japan markets and arrange shipment into Kenya, full clearance and registration of the vehicle before handover to the customer.
According to a news report by Business Daily, some of the luxurious cars that will be made accessible through this partnership include BMW X 6, Range Rover Evoque, Toyota Land Cruiser and Jeep Wrangler. It will also cover VW Touareg, Ford Ranger and Mercedes E Class and C Class saloons.
Business Daily additionally reports that the bank through the Bancassurance arm will provide an all-inclusive comprehensive motor insurance package at a discounted premium rate.
“Upon receipt of customer enquiry and loan approval by the bank, MHH International will handle the vehicle sourcing within the UK, Australia and Japan markets and arrange shipment into Kenya, fully clearing and registering the vehicle before handover to the customer. A three-month warranty is given on all vehicle as added assurance to the customer,” I&M is quoted as having said by the Business Daily.
The repayment period for the loans will be up to 48 months while the interest rate will be secured at 13 percent.
It is not a first of its kind partnership for MHH International with the UK-based shipping company that has been in operation in Kenya for 10 years having signed a similar deal with NIC Bank last year to provide according to Business Daily up to 80 percent financing for Japanese-sourced second hand vehicles.