This comes after the two firms inked a Memorandum of Understanding (MOU) that will see customers access 100 percent financing for their vehicle purchases.
They will also enjoy preferential rates and a repayment period of up to six years.
In the deal, buyers will enjoy a one-percent processing fee with a 60-day repayment period.
Those buying school buses will be given 84 months.
“The Kenya vision 2030, the economic and macro pillar is a key component, making mobility a key driver of economic development. It facilitates the movement of goods, services and people, thus powering development in virtually all sectors such as agriculture, service, health and so forth,” SBM Bank Kenya Deputy CEO and Chief Commercial Officer Jotham Mutoka.
“The SME sector is also a key beneficiary given its contribution to the economy. It is therefore critical that avenues to enhance access to vehicles are created. Asset financing as enabled through this MOU is a win for us today and we hope it will bring our customers’ financial dreams one step closer,’’ he added.
The partnership targets individuals, small and medium-sized companies, and large commercial businesses.
“The partnership targets individuals, Small Medium Size companies and large commercial businesses who are looking for a competitive rate of interest and easy & attractive facility of up to 100% for 6 years and with a payment holiday of almost 60 days,” Kamal Rohira, Auto Business Head, Tata Africa Holdings (K) Ltd said.
“TATA has an active population of more than 15,000 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.”
This comes after TATA Kenya recently opened its new branch in Kisumu in a move aimed at ensuring that customers get access to specialized services post-purchase, given the rising demand for vehicles used in construction.
Tata Africa has been the market leader in their category, and Tata has become a brand of choice for most in the construction sector, a key pillar in the Kenyan economy.
The partnership, which began yesterday, will last for one year.
