Home Finance Requirements Needed To Get A Personal Motor Loan From Bank Of Africa

Requirements Needed To Get A Personal Motor Loan From Bank Of Africa

by Von Umpiantu

Bank of Africa is a mid-tier bank ranked 15th out of the 42 commercial banks in Kenya. It has around 30 branches countrywide with 2 business in Nairobi and Mombasa catered for the enterprise clients.

The bank offers personal banking, business banking, digital banking and correspondent banking. Personal banking includes current accounts, savings accounts, salary accounts as well as loans and credit facilities.

Among the loans offered in this category is the personal motor loan whereby they enable one to acquire new/used cars at negotiable rates. This has been further simplified by creating a partnership with several car dealers including Toyota Kenya, Toyotsu, CMC Motors, Simba Corp, Windsor Motors, A Plus Motors, Karen auto motors & Gigi Motors.

Features
The loan provides 95% financing for new vehicles, 85% for second-hand vehicles in addition to a 2-month moratorium

Requirements

1. For Individual/salaried:
– ID card
– KRA PIN Certificate
– Individual insurance form
– 3 latest pay slips original and stamped
– 6 month’s salary account statement-certified
– Letter of employment
– Letter of undertaking
– Proof of residence e.g, water/electricity bill, lease agreement etc
– Proforma invoice/Sale agreement
– Logbook copy/import document

2. For Individual Business / Sole proprietorship
– ID card
– KRA PIN Certificate
– Individual insurance form
– Registration certificate (if it is a sole proprietorship)
– 12 month’s account statement certified
– Copies of current contracts
– Proof of residence e.g water/electricity bill, lease agreement etc
– Proforma invoice/Sale agreement
– Logbook copy/import document

3. For Limited Company / Limited Partnership
– ID of the directors
– Certificate of incorporation
– Individual insurance form
– Application letter on company’s letterhead and sealed/ stamped
– CR 12- latest/ KRA return receipt; to show the current shareholders
– Company profile
– Audited financial statements for the last 3 years for loans above KES 3 million and management accounts
– KRA PIN Certificate of the directors
– KRA PIN Certificate of the company
– Memorandum and articles
– Latest 12 month’s account statement-certified
– Copies of current contracts
– Proof of residence of the directors e.g water/electricity bill, lease agreement e.t.c
– Proforma invoice
– Logbook copy/import document

Bank Of Africa Contacts 

Headquarters Location: BOA House, Karuna Close, Off Waiyaki Way, Westlands, Nairobi.
Phone:  0703058120 / 0203275120
SMS: 20030
Email: [email protected]

Check Out
List Of Bank of Africa Branches In Kenya

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