Asset Based Financing

Purchase of trucks, trailers, earth moving equipment, construction equipment, ovens, boilers, machinery, pickup trucks, vehicles for personal use, light industrial plants, replacement of significant machinery parts, studios, etc.

Features

• 1. Minimum facility is Kshs. 1,000,000

• 2. Islamic Financing mode – Diminishing Musharaka

• 3. GAB Financing as follows

>New Trucks/Trailers    - 80% max
>Pick-ups and personal vehicles - 80% max
>Used trucks/trailers - 70% (Age: 6 years and below)
>Machinery -50% (Age: Max 6 years)

Requirements

• 1. Commercial Vehicles( excluding PSV’s)

• 2. Latest 12 months bank statements

• 3. Cash Flow Statement

• 4. ID & PIN of owners

• 5. Certified copies of PIN for Business

• 6. Copy of Lease/proof of location of business

• 7. VAT certificates where applicable

• 8. Current Business licenses

• 9. Pro Forma invoices

• 10. Existing contracts or justification for purchase of assets

• 11. AA valuation for used vehicles

Limited Companies

• 1. Memorandum & Articles of Association

• 2. Certificate of Incorporation

• 3. Latest Annual returns and filing receipts

• 4. Audited financial statements

• 5. Sole proprietorship

• 6. Certificate of Registration

Others

Where there is an existing borrower, Copy of loan offer letter, Statements or proof of past and current loans with other banks.