Car loans come close

By Patrick Kagenda

Al- Malik Motors in promo with Stanbic bank

Al’ Malik Group working with Stanbic bank have launched a promotion dubbed Al-Malik Mega Christmas Bonanza. Hentie Stemmet, head of Vehicle and Asset Finance at Stanbic bank told The Independent that the bank is keen on the relationship it shares with customers;

“What we are doing with Al-Malik is to give back to our customers during this festive season”.

Under this arrangement, Al-Malik is to import 500 slightly new model vehicles from Japan. They vehicles will be of the 2002-2007 models. Stanbic bank on the other hand will give loans to its clients starting from Shs 5 million infinity depending on one’s choice of car””pick a loan from Stanbic and own a car fom Al-Malik””kind of.

Loans however are to go with friendly packages. For example, Hentie said, the bigger the amount of loan the lessor the interest it attracts. While, on every car bought at Al-Malik, there will be a free instant prize. The prizes are expected to range from DVD players, TV sets, to other electronic appliances. Azhar Malik, the Managing Director at Al-Malik Group said working with banks makes acquiring a car very simple.

“We have partnered with Stanbic, Barclays and DFCU banks to ease vehicle acquisition by individuals.

Individuals with accounts in those banks acquire cars on credit while payment is made from their accounts” he said.

“All we are doing is paying for the car in full for our client and we use it as security until he finishes servicing the loan at an agreed interest depending on the car of his choice”. Hentie of Stanbic Bank adds. He dispells fears of loss through loan defaulting saying, Stanbic bank has a well developed national and international collection system in place in the 50 countries it is operates in. he added that the bank too, is well capitalised. This over 150 million promotion will begin on November 3 and end December 31. The two companies promise to make this an annual event.