Bora Customs Duty Facility
This facility creates a faster way of settlement of duty charges to Kenya Revenue Authority (KRA) and avoid penalties. The facility is available to traders who import vehicles.
Loan term:
Up to 120 days. A longer tenure period is available for dealers in good standing on a case to case basis.
Requirements:
- Bill of lading at least 3 original copies.
- Invoice for the unit/Motor Vehicle.
- Import Declaration Form (IDF).
- Translated Japanese Log book (English).
- JEVIC (Inspection report from Kenya Bureau of Standards, KEBS).
- Copy of PIN Certificate.
- Copy of ID
Fees:
- Processing fees – 1%
- Appraisal fees – 2%
- Monitoring fees – 1%
- Release fees – 0.5%.
Interest Rate:
1.17% per month and Parking / Storage fees at Ksh. 250 per day.
Security:
- Physical Motor Vehicle whose duty is being financed.
- Original Log Book on release by KRA Registry.
- Comprehensive Insurance Cover with interest of Jamii Bank noted.
Financing beyond 30 Days:
- Ability to pay evident-verifiable source of financing, e.g. monthly salary, other incomes or proceeds of sale of unit from an identified buyer.
- Comprehensive Insurance cover with interest of JBBL noted.
- If client importer requires to take away vehicle before settlement of full facility, Log book of vehicle to be retained by JBBL, plus joint registration.
- Tracking device to be fitted on the vehicle by approved service providers.
