MACHINERY LEASING

MACHINERY LEASING

Elsek Machinery Finance (EMF) offers customized finance solutions that meet your business needs and advance you ahead of the competition and to meet your objectives. Whether you are a small job shop or a large corporation, we have the resources and knowledge to help your business develop and expand. When you work with EMF, you are ensured a customized financing solution that meets your specific business needs.

EMF offers a variety of products to meet the unique needs of your business. Your EMF specialist will work with you to develop the best finance option for your company’s bottom line.

 

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Capital equipment is our only business. Our financing specialists understand the industry and can customize a solution that meets your specific needs.

We can arrange for financing under direct loan terms or lease terms.

Our financing is only for our manufactured machineries. They are
  1. Roll forming machine
    • (i) 90 mm. roll-former machine
    • (ii) 140 mm. roll former machine
  2. E.P.S
    • (i) Pre-expander Unit
    • (ii) Silos
    • (iii) Block Moulding Machines
    • (iv) Block cutting machines
  3. Cabro machines
  4. Brick making machines
  5. Paint Mixers
  6. Vacuum shaping machines

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Application

EMF is one of the few financing institutions that can offer an application-only program for amounts up to K.Shs. 4.5m.  We know exactly what information is required and will not put you through unnecessary steps when you apply for financing. We can provide options to you within hours!

Applying is simple with our automated, online form. Just follow the steps below and you’re on your way to financing your capital equipment! Complete our application form and your application will be immediately routed to our finance team and you will be contacted within 48 hours of submission of all necessary documentation.

Financing options

EMF finances 50% of the invoice value of the machinery.

50% of deposit has to be made upfront and the balance to be paid in a spread of 12 to 36 months at affordable interest rate 11% per annum* on reducing balances.

Click here for EMF borrowing rates and procedures

*rate might change due to market forces

EMF BORROWING RATES AND PROCEDURES

MACHINERY 25% & 50% down payment (All figures in Kenya Shillings)

Principal AdvanceDown Payment12 months18 months24 months36 months12 months
KES 500,000KES 125,000KES 33,490N/AN/AN/A(75% financing)
KES 750,000KES 187,500KES 50,234KES 26,738N/AN/A(75% financing)
KES 1,000,000KES 250,000KES 66,979KES 51,315KES 35,651N/A(75% financing)
KES 1,250,000KES 312,500KES 83,724KES 64,144KES 44,563KES 31,553(75% financing)
KES 1,500,000KES 375,000KES 100,468KES 50,118KES 53,476KES 37,864(75% financing)
KES 1,750,000KES 437,500KES 117,213KES 58,470KES 62,389KES 44,174(75% financing)
KES 2,000,000KES 500,000KES 133,958KES 66,823KES 71,301KES 50,485(75% financing)
KES 2,250,000KES 1,125,000KES 98,653KES 75,176KES 51,700KES 36,062(50% financing)
KES 2,500,000KES 1,250,000KES 109,614KES 83,529KES 57,444KES 40,068(50% financing)
KES 2,750,000KES 1,375,000KES 120,575KES 91,882KES 63,188KES 44,076(50% financing)
KES 3,000,000KES 1,500,000KES 131,537KES 100,235KES 68,933KES 48,082(50% financing)
KES 3,500,000KES 1,750,000KES 153,459KES 116,940KES 80,421KES 56,095(50% financing)
KES 4,000,000KES 2,000,000KES 175,382KES 91,910KES 64,109KES 50,226(50% financing)
KES 4,500,000KES 2,250,000KES 197,305KES 103,399KES 72,123KES 56,504(50% financing

PROCEDURES

  1. After they get the quotation from the sales department they have to apply for a loan.
  2. Upon application form to be provided customer has to pay application fee of 5,000 for every application. After application form received by EMF they will require information documents about the customer (Example payroll, pay slips, last bank statements, national identification cards, kra pin number etc)
  3. After checking the documents if credit approved by the credit control, credit control will write 3 original offer letter. Application and reply has to be done within 2 working days after the all documents received.
  4. When customer has agreed on offer letter, they will sign and return the 2 original offer letters together with deposit slip. In offer letter we have to mention the bank for the down payment deposit.
  5. Last step is to sign a credit sales agreement to be signed by the customer. Credit sales agreement will be signed together with lawyer.

SECURITIES

  1. Upon signing the agreement all future payments has to secure with postdated cheques. Completion down payment postdated cheque will be within 45 days after the signing the agreement. Rest cheques dates will start after 30 days from the completion date cheques.
  2. Second security is title deed/chattels mortgage of machinery has to remain with the lawyer together with transfer form signed. Land will not be charged but as security will remain with lawyer together with transfer form signed. Title deed search has to be done.

FAILURE ON PAYMENT

  1. If customer fails on payment for postdated cheques 5,000 will be charged as commission and also interest rate will start to calculate 19% per annum.
  2. If customer fails on 2 postdated cheques continuously sale agreement will be cancelled and demand letter will be sent for a period of 15 days.
  3. If customer fail to pay against the demand letter one more final demand letter will be send to customer for to be replied 7 days.
  4. If customer still failure on payment land and construction will be valued by the valuation company. If customer pays after the valuation, valuation expenses will be charged to the customer.
  5. After valuation if customer still not paid land will be transferred to our company name and will be sold minimum 30% less price of the valuation.
  6. After receiving the all expenses and penalty charges together with interest the remaining balance will be paid to the customer.
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