Motor Finance
The interest rates are competitive ranging from 8% to 10% per year for the straight line repayment schedule, with flexible monthly installments up to 60 months.
For a used saloon car, commercial pick-up and (or) cargo vehicle financing is up to 70% with a maximum repayment period of 4 years; for a brand new one the financing is up to 80% with a maximum repayment period of 5 years.
For brand new matatus & buses the financing is up to 70% with a maximum repayment period of 3 years.
The requirements for qualification are as follows:
a) For an individual:
- complete the loan application form
- 6 months (latest) original bank statements
- copy of PIN and national ID
- 3 months current payslips (if employed)
- original KRA search certificate for used vehicles
- original market valuation report
b) for a business / company
- 6 months current bank statements
- audited accounts for the last 3 years
- copy of PIN and certificate of incorporation / registration
- board resolution
- memo & articles of association
Motor Finance Links
Commercial Bank of Africa - Motor Loans
