Hire Purchase
Hire purchase enables Small to Medium Enterprise's to acquire new and second hand / reconditioned assets and repay over a period of time.
Account Overview
Hire purchase enables Small to Medium Enterprise's to acquire new and second hand / reconditioned assets and repay over a period of time.
What You Need to Open an Account
The requirements are as follows:
Requirements
Registration form duly completed
National identity card / passport - original and copy
KRA PIN certificate
Three month's payslip (if employed)
Latest 6 months' bank statements if not banking with DTB
Request to contain purpose / need
Certificate of registration (if proprietor or partnership)
Copy of logbook, if a vehicle is used
The vehicle should not be over 8 years old.
Valuation report from the authorised valuer, in case of used vehicle
Latest audited accounts and annual returns (for companies)
Copies of memorandum and articles of association (for companies)
Certificate of incorporation (for companies)
Board resolution authorising the borrowing (for companies)
Additional requirements
Comprehensive insurance with the bank’s interest noted.
Tracking device.
Account Features
Access a comprehensive suite of banking services and tools:
Purpose:
Asset financing
LCY / FCY currency
Loan period:
Used cars: 60 months.
New cars: 72 months..
Interest rate - prevailing market rate
Fees - appraisal fee 2% on the loan amount, then 1% on the anniversary of the loan
