Kenya: NIC Bank inks car financing deal with Simba Corp for Mitsubishi vehicles

NIC Bank has renewed its partnership with Simba Corporation Ltd to offer corporates, fleet owners, small and medium enterprises (SMEs) and individuals a unique financing opportunity.

NIC-Bank-Car-DealUnder the new arrangement, Simba Corp customers will be able to get up to 95% financing from NIC Bank when they purchase a Mitsubishi vehicle. The deal will also see customers enjoy an extended 60-day repayment holiday.

Speaking during the official signing ceremony, Simba Corp Group Chief Executive Officer, Dinesh Kotecha emphasized that partnerships are in line with the firm’s strategic agenda aimed at growing its footprint and increasing its customer base by offering solutions that will help customers.

“There is need to look at customers and understand their needs.  Most want to grow their business.   Giving them transport solutions that enable them to access growth opportunities is the best we can do for them. Our range of trucks are the best in the market and as Simba, we endeavor to partner so that customers can have access to financing that allows them to purchase with comfortable payment terms. This will grow our customer base as the customers grow their businesses,” said Kotecha.

NIC Bank’s Executive Director, Alan Dodd, said, “This offering presents a strong value proposition to customers who are keen on expanding their businesses and buying new assets but face strained cash flows due to the difficulties we experienced last year. Through this partnership we will further cement our position as the leading bank in asset finance in the country, a well-known heritage, as well as enable us to reach out to new markets, especially the areas of Malindi, Watamu, Kilifi and Diani, where we have recently opened branches.”

Data indicates that sales of heavy commercial vehicles still account for about 26.8% of the market share and it is believed that construction projects in the country will fuel sales in the heavier segments in coming years.

Mitsubishi Fuso Truck and Bus Corporation (MFTBC), one of Asia’s leading commercial vehicle manufacturers, cooperating with Daimler India Commercial Vehicles Pvt. Ltd. (DICV) under the umbrella of Daimler Trucks Asia (DTA) has for decades worked with Simba Colt the official distributor of Fuso Trucks in Kenya in building trucks that meet the needs of local consumers.

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Categories: Business

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