Since its inception in 1984, Equity Bank Group has dominated the finance market with innovative and flexible loan products that make it the best choice for investors and normal customers who are willing to start businesses, save or pump more money into their start-ups.
You all know about Equiloan, Eazzy Loan, Salary Advance, Kilimo Biashara Loan, Food and Agriculture Youth Financing Product, and Trade Finance, but there is this important financial product – Asset Finance – loans to facilitate the purchase of a business or personal assets such as motor vehicles, machinery, and equipment.
Does Equity Bank Kenya give car loans?
Yes. Equity Bank gives affordable car loans through Equity Asset Finance for; both new dealerships and used cars at competitive rates and flexible terms.
Do you qualify for an Equity Bank car loan?
Before borrowing a car loan from Equity Bank, make sure you meet these requirements:
* Have three original latest pay slips
* Two copies of your national ID and KRA PIN
* An Introduction/Appointment/Confirmation letter from the employer
* Duly signed authorization forms
* Duly completed loan application and appraisal form
* Pro forma Invoice / Sale Agreement
* Valuation Report
* Original Log Book
In addition, Equity Bank should have a Memorandum of Understanding (MOU) with your employer. You should not that salary is not a prerequisite for an Equity Bank car loan when you can evidence the ability to pay your loans.
What is Equity bank car loan interest rate?
The standard Equity bank car loan interest rate is 11%.
This is calculated using the formula: CBR + 4%. (CBR stands for Central Bank Rate, the lowest rate of interest the Central Bank of Kenya charges on loans to banks.)
CBR interest rate has been 7% since August 2005. When calculating the Equity Bank car loans rate, simply add 7% CBR + 4% to get 11%.
What does Equity bank car loan entail?
The following are features of Equity Bank car loans:
* Loan amount is based on the customer’s ability to pay.
* Loan Period is up to 60 months (5 years) for second-hand vehicles and up to 120 months (10 years) for brand new vehicles.
* Financing Margin – up to 100% financing.
