Asset

This financing solution allows customers to buy vehicles, equipment, or other business-related machinery, with the asset itself serving as collateral for the loan. 

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Guide to Aptic’s asset financing.

The Asset Finance product is aimed at customers who need to acquire assets for personal or business use but may not have the immediate capital to purchase them outright.

  • Loan Application Process:
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  • Step 1: Customer submits the application form and required documents, including ID, KRA PIN, financial statements, and asset documentation (sale agreement, invoice, or quotation).
  • Step 2: Asset valuation (for pre-owned items) is conducted by an Aptic-approved valuer to assess eligibility and determine the loan amount.
  • Step 3: Aptic reviews the application, assesses the creditworthiness, and provides loan terms based on the asset value and customer profile.
  • Step 4: Upon approval, customer signs the loan agreement, and Aptic retains ownership documents. Funds are disbursed directly to the asset seller.
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  • Interest Rates & Fees:
    • 4% interest rate based on asset type, customer profile, and loan amount.
    • Processing fee of 3% of the loan amount.
    • Fees for asset valuation, CRB check, and legal processing.
  • Loan Repayment:
    • Monthly installments potions, with flexibility to suit business or personal cash.
    • Early repayment options without penalties, providing flexibility for customers.
    • Payment options include bank transfer, mobile money or post-dated cheque.
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  • Loan Amount: Up to 70% of the market value of the asset, based on asset type and customer profile.
  • Loan Term:1 to 24 months, with terms tailored to align with asset depreciation and customer repayment ability.
  • Interest Rate: Competitive fixed rates based on the asset type and customer credit profile.
  • Collateral: The asset being financed serves as collateral, with Aptic retaining the ownership documents until the loan is fully repaid.
  • Processing Time: Quick approval and disbursement within 3 business days to facilitate timely asset acquisition.
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  • Business Owners: Entrepreneurs seeking to acquire machinery, vehicles, or equipment to enhance business operations.
  • Individuals: Customers looking to purchase personal vehicles or other valuable assets.
  • SMEs and Startups: Small businesses requiring equipment or machinery to start or expand their operations, but lacking the immediate capital for such purchases.
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  • Asset Requirements:
    • Must be new or pre-owned (up to a specified age limit, typically 10 years for vehicles and machinery).
    • Clear documentation for the asset purchase, including invoices, sale agreements, or quotations.
  • Documentation Requirements:
    • Bank and/or MPESA statements for the past 12 months.
    • Identification documents(IDs) and KRA PIN of the applicant.
    • Valuation report (for pre-owned assets) conducted by an Aptic-approved valuer.
    • For businesses: Certificate of incorporation, business registration documents, and resolution to borrow if required.
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  • Ownership Document Retention:Aptic retains the logbook, title, or ownership document for the asset until the loan is fully repaid, ensuring security.
  • Insurance Requirement: Comprehensive insurance for the asset, with Aptic listed as the lienholder to protect against loss or damage.
  • Regular Asset Valuation: Revaluation may be required for pre-owned assets to monitor the collateral value over the loan term.
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  • Affordable Asset Acquisition: Allows customers to acquire valuable assets without paying the full amount upfront, easing financial strain.
  • Convenient and Flexible Repayment: Structured to align with customer cash flows, ensuring affordable and manageable payments.
  • Secure Financing with Asset as Collateral: Enables customers to unlock financing based on the asset being purchased, providing both convenience and security.
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