I&M Bank and Crown Motors Group have signed a vehicle asset financing partnership deal which will see the bank finance Crown Motors passenger cars and light commercial vehicles.

The product range by Nissan includes the popular new Y62 Nissan Patrol, Xtrail, Urvans and pick up and the soon to be introduced Navara Range, Terra, Qashqai and Magnite.

 The partnership will see the I&M provide up to 100 per cent asset financing to its customers.

The pact will see clients enjoy competitive interest rates at extended repayment periods of up to 5 years via the Bancassurance arm and discounted comprehensive motor insurance cover.

The bank will also provide insurance premium financing for the deal to allow clients to make premium payments in affordable instalments while enjoying a two-month repayment holiday.

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“I&M Bank’s corporate strategy focuses on driving business growth through diversification of various revenue streams. Key among them is to grow the loan book quality and portfolio by building quality interest earning assets with partnerships such as this. The partnership with Crown Motors is most welcome as it aligns with our business model,” said I&M Bank Limited CEO Kihara Maina.

The Asset Financing agreement with Crown Motors is set to complement the bank’s strategic lending initiatives for its Corporate, Business and Premium Banking segments.

“This strategic tie-up with Nissan Kenya is crucial and quite timely, as it presents our potential and existing clients, a wider choice of vehicles to purchase from where they will be assured of safety and quality,” added Maina.

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On his part, Crown Motors Group MD Tony Voorhout said, “With a network of over 22 accessible service outlets countrywide, we are committed to serve you as our valued customers. The Nissan brand is well established in this market and in the region being renowned for its toughness, durability and economic cost of ownership.”

And Crown Motors Group National Sales Manager Maliha Sheikh added:

“I believe that this asset financing agreement between the two organisations is sure to give the consumer better value for money, especially in these very tough and trying times; we are continuously striving to make it easier for Kenyans to have access to asset financing to acquire top quality vehicles that are renowned for their safety and reliability.”