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Family Bank inks car financing deal with Simba Corp

By Standard Reporter | October 10th 2015

NAIROBI: Mid-tier lender Family Bank has entered into an asset financing deal with auto firm Simba Corporation Ltd targeting individuals and small and medium enterprises (SMEs).

Under the agreement, customers will secure vehicles from Simba Corp and Family Bank will fund the deal allowing the buyer to repay the loan at a period agreed on with the financier. The partnership will see SMEs and individuals access up to 95 per cent financing from Family Bank. Schools will be eligible for up to 100 per cent financing and a free 6kVA generator with each bus purchase.

"Our customers will also have an all-encompassing asset purchase solution including flexible repayment period, free vehicle tracking from Africa Fleet Management Solutions – a subsidiary of Simba Corporation and free comprehensive insurance for the first year of ownership with the purchase of commercial and/or passenger vehicles," observed Family Bank Retail Director, Mr David Thuku.

Speaking during the unveiling of the new partnership on Thursday, Simba Corp's Executive Director Dinesh Kotecha said the alliance is designed to offer the best value for the customer, allowing them to take up the products that are being offered and effectively 'sign and drive'.

"This strategic partnership spells out favourable and hassle free terms and conditions for our customers. We have embarked on this strategic partnership with like-minded partners to enable our respective customers to get maximum value for their hard-earned money," said Kotecha.

This partnership is the latest in a series of collaborations that Simba Corporation has entered into to bolster its position in the market.

Simba Corp recently announced its partnership with Vivo Energy Kenya, the sole distributor and marketer of Shell-branded fuel and lubricants, in a deal that will enable Vivo to access vehicle leasing solutions from the auto firm. The deal involves leasing 46 Mitsubishi staff vehicles at a cost of Sh161 million.

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