HIRE PURCHASE

For acquiring an asset like consumer goods, electronic and office equipment , gold, condominium, heavy machinery, motorcycles and motor vehicles,

Rental period

  • 1 Year for under Ks-500 million, 2-5 years for over Ks-500 million

 Down payment

  • Minimum: 30% down payment & monthly principle payment

Fees & Charges

Interest Rate   12% per annum
Service Charges  1%
Sale Commission  1%
Late Fees  0.10% Per Day

Required Documents

If authorized dealer applicant is company that applies for hire purchase service

  • Valid company registration and import/export license
  • Form (E),Form (VI) & Form (XXVI)
  • Board of Directors’ Resolutions
  • MOA & AOA
  • Profit & Loss, Balance Sheet
  • Tax slips
  • Copies of NRC, household registration and one passport sized photo
  • Names of items to be sold, price, quantity and targeted monthly sale
  • Photos of items/goods and buildings
  • Evidence of items/goods that were imported

If goods/items to be sold are vehicles and machinery

  • Certificate from Ministry of Commerce, Department of Trade
  • Business Operating Certificate from Road Transportation Department
  • Car Sales Center License from Road Transportation Department
  • Type of vehicle, Chassis number, Photos of Model Number and type of vehicles that will be sold, price, quantity and monthly sale
  • Photos of Car Sales Center and warehouse
  • Need to open a current account or saving account
  • Seller needs to sign as guarantor for purchaser

If Buyer is a company

  • Valid company registration and import/export license
  • Form (E),Form (VI) & Form (XXVI)
  • Board of Directors’ Resolutions
  • MOA & AOA
  • Business Operating License
  • Profit & Loss, Balance Sheet
  • Tax slips
  • Photos of business
  • Copies of NRC, household registration and one passport sized photo
  • Recommendation from Ward/Village
  • (2) Guarantors who can actually pay on behalf of the HP applicant (HP)
  • Buyer’s deposit account for some goods as a guarantee to the Bank