Chase Bank prides itself in offering Asset Finance products that are unique to you and your business requirements. Our Hire Purchase (HP) Financing and Insurance Premium Financing (IPF) are tailored to empower and grow you and your business.
A credit facility offered by the Bank to facilitate acquisition of movable assets. It is available to all Chase Bank clients and eligible, prospective clients;
Main Features: New Motor vehicle
• Deposit / down payment – minimum 5% of cost
• Maximum repayment period of:
48 months – (for commercial use)
60 months – (for personal use)
• Interest charged at prevailing Bank rates
• Processing fees of 1% of the financed amount
Used Motor vehicle
• Deposit / down payment – minimum 20% of cost
• Maximum repayment period of:
36 months – (for commercial use)
48 months - (for personal use)
• Interest charged at prevailing Bank rates
• Processing fees of 1.5% of the financed amount
• Maximum age of the vehicle is 7 years
Requirements
Standard Documents
• Duly completed and signed HP loan application form
• Copy of log book (for used motor vehicle)
• Valuation report from Auto Assured / Regent Valuers (for used motor vehicle)
• Copies of import documents (if vehicle not registered)
• Copy of sale agreement (for used motor vehicle)
• Copy of pro-forma invoice or dealer’s quotation (new motor vehicles)
Additional Documents to be provided on application;
Individuals/Sole Proprietorship/Partnership
1. Copy of ID & PIN (if partnership, all partners to provide)
2. Latest bank statements for past six months
3. Copies of three months’ pay slips (if in employment)
4. Copy of business registration certificate (for sole proprietors / partnerships)
5. Copy of partnership deed (if applicable)
Limited Companies
1. Copy of certificate of incorporation & certificate of change of name (where applicable)
2. Copy of memorandum & articles of association
3. Copy of PIN certificate for the company
4. Copies of directors’ IDs and PIN certificates
5. Cash flow projections (in case of borrowing exceeding KShs.3M)
6. Audited accounts for two years (in case of borrowing exceeding KShs.5M)
7. Latest bank statements for the past six months
8. Company profile detailing organizational structure and accomplishments / nature of business of the company
9. Copy of latest annual returns together with filing receipt
