SBM Bank Kenya offers up to 95% financing on Chery Group's Jetour SUVs, repayable over up to 72 months

SBM Bank Kenya will finance up to 95% of the price of new Jetour SUVs, repayable over up to 72 months, under a memorandum of understanding signed on 26 October with Global Motors Centre Limited, the official Jetour distributor in Kenya, The Star reported.

The agreement was signed at the Jetour showroom in Nairobi. It covers four models: the Dashing, X70 Plus, T2 and T1. Individuals, professionals, business owners and companies can apply. Comprehensive motor insurance is part of the package, and the bank will also finance the insurance premium. The overall cost of borrowing will depend on the interest rate, fees, insurance premiums and each customer's loan terms.

Eric Wambua, Director, Corporate and Institutional Banking at SBM Bank Kenya, said: "By offering up to 95 per cent financing alongside integrated bancassurance, we are removing major financial hurdles for professionals, business owners and corporate entities." Abdallah Zubedi, a director at Global Motors Centre, said: "Such partnerships ensure that Kenyans can acquire new vehicles seamlessly, affordably, and fully supported by reliable financing and insurance structures from day one."

Jetour was founded in 2018 as a sub-brand of the Chinese carmaker Chery, Xinhua reported from the brand's Kenya launch. Citizen Digital described it as a brand under the Chery Group that has sold more than 1 million SUVs worldwide since 2018.

Global Motors Centre unveiled the four models at Eka Hotel on Mombasa Road, Nairobi, on 7 November 2025, Business Daily reported on 10 November 2025. Launch prices, taxes included, were KSh 4.9 million for the Dashing, KSh 5 million for the X70 Plus, KSh 7.4 million for the T1 and KSh 7.8 million for the T2.

The distributor said at the time that it was investing KSh 1.4 billion to assemble Jetour models at its Mombasa plant from the first quarter of 2026, which would let it use tax incentives to lower prices. Assemblers are exempt from the 35% import duty on fully built vehicles. Andy Yuan, assistant president of Jetour International, said at the launch that the brand plans to set up a local assembly facility.

Eight consecutive Central Bank Rate cuts have brought the benchmark rate to 8.75%. New vehicle sales rose 12.2% year on year between January and April. The market is still heavily influenced by imported used cars, with monthly sales estimated at 7,000 to 9,000 units.

Chinese brands held 7.46% of the new vehicle market in the 10 months to October 2025, the Daily Nation reported on 22 November 2025, citing Kenya Motor Industry Association (KMIA) data. New vehicle dealers sold 840 units of Chinese brands out of 11,252 in total. Sinotruk accounted for 608 units, Foton 113 and Changan 36. The true share is higher because some brands, such as TransAfrica Motors' FAW trucks, do not report sales. In the same period of 2021, Beiben trucks sold 55 units, a 0.49% share, and were the only Chinese brand sold by a KMIA member.

SBM Bank Kenya made a similar offer before. In August 2025 it agreed with Caetano Kenya to finance up to 100% of selected new vehicles and equipment over up to 72 months, at its base lending rate plus 1%, the Kenyan news site HapaKenya reported.

The bank's profit before tax for the nine months to 30 September was KSh 911 million, up 122% from KSh 411 million a year earlier.