NCBA Bank Kenya and Tata Africa Holding in new commercial vehicles financing deal
NCBA Bank Kenya PLC has signed a partnership deal with Tata Africa Holdings (K) Limited to finance Tata models throughout the country.
Under the deal, customers will be able to acquire a Tata range of commercial vehicles with up to 95 percent financing from NCBA Bank for up to 60 months.
In addition, buyers will also enjoy low deposits, low monthly installments plus competitive insurance rates when purchasing vehicles from Tata Africa and its authorized dealer network across the country.
“Businesses in Kenya have been severely impacted by the COVID-19 outbreak and so this partnership comes at an opportune time and will go a long way in supporting businesses in the construction and distribution sector. We are encouraging businesses to take advantage of this partnership to bolster their economic livelihoods,” noted Lennox Mugambi, Ag. Group Director Asset Finance and Business Solutions – NCBA Bank.
According to the 2020 Economic Survey by the Kenya National Bureau of Statistics, the construction sector expanded by 6.4 percent in 2019 with an upward growth trajectory projected in the following year, COVID-19 pandemic effects notwithstanding.
On his part, Kamal Rohira, Auto Business Head – Tata Africa Holdings (K) Ltd said “The partnership targets individuals, Small Medium Size companies and large commercial businesses that have been hugely impacted by the COVID 19 pandemic. Currently, Tata has an active population of around 15000 commercial vehicles in the country, which is served by 11 service stations and 23 part retailers. In this partnership, we go hand in hand with customers in making Tata commercial vehicles very affordable”
TATA Kenya has recently opened TATA Authorized Service Stations (TASS) in Eldoret & Kisumu. This move aims to ensure that customers get access to specialized service post-purchase, given the rising demand for vehicles used in construction.
The pact begins on March 3, 2021, and will last up to September 3, 2021.