Family Bank, a renowned financial institution in Kenya, made a significant transition in May 2007 when it became a fully-fledged commercial bank. Regulated by the Central Bank of Kenya (CBK), the bank has emerged as a trailblazer in the industry, offering innovative services while prioritizing customer protection.
Asset Finance
Asset finance is available to business account holders and is intended to assist in the acquisition of movable assets, such as, motor vehicles, pick ups, buses and lorries. Other assets include: tractors, heavy earth moving equipment, machinery and motor cycles.
Features
- Receive up to 80% financing for brand new vehicles
- Loan repayment period of up to 4 years for brand new vehicles
- Up to 70% financing for used commercial / personal vehicles
- Loan repayment period of up to 3 years for used commercial / personal vehicles
- Up to 60 % financing for used PSV vehicles
- Loan repayment period of up to 2 years for used PSV vehicles
- Minimum monthly income for eligibility – KES 10,000
- Low minimum loan amount
- No maximum loan requirement
- Insurance for vehicles / equipment will remain comprehensive for the period the asset is under finance, unless exceptions are sought
- Repayment period from 1 to 4 years
Benefits
- Get loan approval within 48 hrs
- Acquire an asset and pay for it in affordable instalments while you utilise it
- The loan application process is simple, fast and friendly
- Affordable pricing
Requirements
- All used assets must not be older than 10 years at the end of loan expiry
- Pre-printed application form (available at all Family Bank branches)
- Bank statements for a period of 6 months
- Copy of National ID / passport and KRA PIN
- Pro-forma Invoice from the dealer / seller
- Copies of logbooks for other motor vehicles owned by the applicant
- Year of manufacture of vehicle should not be more than 12 years as at loan expiry
- Recent AA / Regent Automobile valuers and assessors valuation (used vehicles)
- Copy of logbook (used vehicles)
- Sale agreement
Pro Tip
Vehicle tracker installation from an approved provider is required for your asset loan to be approved. This tracker helps both the vehicle owner and the bank optimise asset security.
Finatrack Global Ltd is an approved provider of vehicle tracking solutions for Family Bank.
We provide special offers for our blog readers. Get your tracker installed at your convinient location in Kenya and get your loan processed in time.
