Top 5 Banks Offering EV Loans in Rwanda

If you’re looking to buy an electric vehicle (EV) in Rwanda, several banks now offer financing options tailored to your needs. Here’s a quick summary of the top banks providing EV loans:

• Bank of Kigali (BK): Flexible terms, quick approvals, and a simple application process.
• Development Bank of Rwanda (BRD): Offers the Ireme Invest Credit Facility with a 12% interest rate, up to 12-year terms, and a 2-year grace period. Focuses on green projects.
• I&M Bank Rwanda: Provides up to RWF 50 million loans with flexible repayment plans and a fast 24-hour approval process.
• Equity Bank Rwanda: Introduced a "green loan" program with competitive terms and minimal documentation.
• KCB Bank Rwanda: Focuses on e-mobility with programs for electric motorbikes and a commitment to green lending.

Quick Comparison Table

Key Takeaways:

• EV loans are now more accessible in Rwanda thanks to banks offering tailored solutions.
• Consider factors like interest rates, loan terms, and additional benefits when choosing a loan.
• Be prepared with necessary documents such as proof of income, bank statements, and a vehicle purchase agreement.

Explore these banks to find the best financing option for your EV needs.

Demand for green car loans up as some banks lure customers with perks

1. Bank of Kigali (BK)

Bank of Kigali provides attractive loan options for purchasing electric vehicles (EVs). To apply, you’ll need the following:

• A valid national ID or passport
• Recent pay stubs or proof of business income
• Bank statements from the last six months
• A proforma invoice from an authorized car dealer

Now, let’s take a look at another important player in Rwanda’s EV financing market.

2. Development Bank of Rwanda (BRD)

The Development Bank of Rwanda (BRD), in collaboration with the Rwanda Green Fund, offers the Ireme Invest Credit Facility. This program is designed to support green and climate-resilient projects, including initiatives in electric mobility. Here are the key details of the Ireme Invest program:

• Interest Rate: 12% (inclusive of all fees)
• Loan Term: Up to 12 years
• Grace Period: Up to 2 years
• Focus Areas: Smart mobility and eco-friendly transport

On February 20, 2024, BRD approved its first Ireme Invest loan with PREV Rwanda Ltd.

"Partnerships like these enable the private sector to create more green jobs, contribute to Rwanda’s climate action journey and prioritize sustainability. I encourage more companies to make the most of the exciting opportunities that Ireme Invest offers."
– Kampeta Pitchette Sayinzoga, BRD CEO

BRD is also collaborating with the Central Bank of Rwanda to review collateral requirements for e-mobility projects. This effort is especially important since Rwanda’s transport sector is responsible for 13% of the country’s total emissions. Notably, buses and motorcycles contribute 40% and 26% of that figure, respectively.

3. I&M Bank Rwanda

I&M Bank Rwanda provides vehicle loans with a strong focus on customer needs. Through its 2024 Karame Retail Campaign, the bank offers quick approvals, allowing borrowers to access up to RWF 50 million (around $45,000). The process includes a 24-hour response time and unsecured loan options, making it a convenient choice for many.

For electric vehicles (EVs), the bank offers tailored financing solutions. Borrowers can benefit from flexible repayment plans, competitive interest rates, and a simplified application process. This specialized financing approach distinguishes I&M Bank from other options in the market.

Compared to SACCOs and MFIs, which may provide faster but more expensive approvals, I&M Bank ensures a regulated and secure lending process with consistent terms.

Loan officers are available to guide customers through EV financing, whether purchasing through AUTO24.rw or other approved dealers.

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4. Equity Bank Rwanda

In June 2024, Equity Bank Rwanda introduced its "green loan" program and added hybrid and electric vehicles (EVs) to its corporate fleet. This initiative is designed to encourage the purchase of environmentally friendly vehicles.

To apply for an EV loan, you’ll need:

• Recent salary slips or proof of business income
• A valid national ID or passport
• Bank statements from the last six months
• A proforma invoice from an authorized dealer

This straightforward application process reflects the bank’s dedication to making EV ownership more accessible and supporting cleaner transportation options.

5. KCB Bank Rwanda

KCB Bank Rwanda is stepping up its efforts to promote greener transportation with customized EV financing options. Through its partnership with UNITAR, the bank is working to shift 25% of its loan portfolio toward environmentally friendly investments by 2025.

One standout initiative is KCB’s e-mobility program designed for boda boda and tuk tuk operators. Over six years, the program aims to provide 100,000 electric motorbikes to riders, significantly contributing to cleaner transport options in Rwanda.

"The initiative is in line with our commitment to increase our green lending loan portfolio by working with like-minded partners to enhance green job creation and attaining the net zero ambitions", says Paul Russo, KCB Group CEO.

This effort also ties into Rwanda’s broader environmental goals. In 2022, the transport sector was responsible for about 1.26 million tons of carbon dioxide emissions. Programs like this are crucial to achieving the government’s target of cutting emissions by 32% by 2030.

Highlights of the E-Mobility Program

• Job Creation: The initiative is expected to create 150,000 new jobs.
• Environmental Benefits: It plays a role in reducing Rwanda’s overall carbon emissions.

Additionally, access to a variety of electric vehicles through AUTO24.rw makes the transition to sustainable transport more accessible.

Bank Loan Comparison

Here’s a quick look at EV loan options from Rwanda’s leading banks. The table below outlines the main terms and features of their EV loan programs.

Things to Keep in Mind

• Interest rates depend on your credit profile and banking history.
• Some banks may offer better rates for eco-friendly vehicles.
• Be aware of additional fees, charges, and insurance requirements.
• Factor in the cost of setting up charging infrastructure when calculating the total expense.

Reach out to your chosen bank to get more details and find the EV loan that suits your needs.

Next Steps

Here’s how to find the right EV loan in Rwanda:

Figure Out Your Budget
Start by calculating what you can comfortably afford each month. Look at your income, expenses, EV charging costs, and insurance to get a clear picture.

Gather Your Documents
Most banks will ask for the following:

• Proof of income
• Bank statements
• Valid ID
• Credit report
• Vehicle purchase agreement

Once you have these ready, you can start comparing offers.

Shop Around for Offers
Check out loan options from different banks to find the best deal. For instance, NCBA Rwanda provides consumer loans with interest rates starting at 17% nominal.

Look Into Green Financing Programs
Ask about green financing options. Banks like the Development Bank of Rwanda (BRD) offer financing programs specifically designed to encourage EV adoption in the country.

Explore EV Choices
Want to know what electric vehicles are available in Rwanda? Visit AutoMag.RW or browse AUTO24.rw for a variety of models.

Talk to an Expert
Loan officers can help you understand the details, such as:

• Loan terms
• Down payment requirements
• Financing options
• Insurance needs
• Early repayment policies

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