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I&M targets wealthy clients with high-end car partnership

Deal with MHH International will allow the bank’s premium and corporate customers to purchase high-end cars. The bank will provide up to 80 percent asset financing for import of vehicles including BMW X6, Range Rover Evoque, Toyota Land Cruiser and Jeep Wrangler which will be sourced from Britain, Australia and Japan. Under the partnership, the luxury car importer will help I&M’s wealthy clients choose cars then import the vehicles on their behalf in a bid to reassure them on safety of the process.

Deal will allow I&M Bank’s clients to purchase high-end cars. FILE PHOTO | NMG

I&M Bank #ticker:I&M has partnered with a UK-based shipping firm, MHH International, to provide loans allowing its premium and corporate customers to purchase high-end cars. The lender says it will provide up to 80 percent asset financing for import of vehicles including BMW X6, Range Rover Evoque, Toyota Land Cruiser and Jeep Wrangler which will be sourced from Britain, Australia and Japan. The repayment period for the loans, which will also cover VW Touareg, Ford Ranger and Mercedes E Class and C Class saloons, will be up to 48 months while the interest rate will be pegged at 13 percent.Under the partnership, the luxury car importer will help I&M’s wealthy clients choose cars then import the vehicles on their behalf in a bid to reassure them on safety of the process.“Upon receipt of customer enquiry and loan approval by the bank, MHH International will handle the vehicle sourcing within the UK, Australia and Japan markets and arrange shipment into Kenya, fully clearing and registering the vehicle before handover to the customer. A three-month warranty is given on all vehicle as added assurance to the customer,” I&M said in a statement yesterday.The lender’s bancassurance arm will provide a comprehensive motor vehicle insurance package at a discounted premium rate under the new agreement.Last year, MHH International, which has been in operation in Kenya for 10 years, signed a similar deal with NIC Bank to provide up to 80 percent financing for Japanese-sourced second hand vehicles.NIC said the programme would help customers avoid losing money to briefcase companies while ensuring vehicles bought are in good condition.This month, NIC bank also partnered with Toyota Kenya to provide up to 95 percent financing for buyers seeking to purchase vehicles at 13 percent interest.

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