Are you eyeing that shiny new car or perhaps looking to upgrade your existing vehicle? Asset financing could be the solution you’ve been searching for.
Whether you’re an individual or an institution, the NTSA (National Transport and Safety Authority) TIMS (Transport Integrated Management Systems) Portal has streamlined the process for you.
In this article, we’ll take you through the step-by-step process of applying for asset financing in-charge on the NTSA TIMS Portal.
Why Asset Financing?
Imagine this: you’ve set your eyes on a sleek, brand-new car that you’ve always dreamed of owning. However, the price tag might make your wallet flinch.
That’s where asset financing comes into play. Instead of paying the full amount upfront, you can make manageable payments over time, making it easier to own the vehicle you desire.
You may also want to use your vehicle as a security to acquire a loan. That is also asset financing
Now, let’s dive into the nitty-gritty of how you can apply for asset financing in-charge on the NTSA TIMS Portal.
Prerequisites for Asset Financing Application
Before you embark on this journey, it’s essential to ensure you meet the eligibility criteria. The process is available to both individuals and institutions, but you must fulfill certain requirements.
Eligibility Criteria
Whether you’re an individual looking to finance your personal vehicle or an institution needing to expand your fleet, you can apply for asset financing in-charge. However, keep in mind that eligibility criteria may vary depending on the financier.
To begin your application, you’ll need to access the NTSA website at www.ntsa.go.ke. Once you’re there, here’s what you should do:
Accessing the NTSA Website
- Go Online: Fire up your trusty internet browser and visit www.ntsa.go.ke. If you’re reading this article, you’re already online – kudos!
- Select the Preferred Service Portal: On the NTSA website, you’ll find various service portals to choose from. Since we’re talking about asset financing in-charge, click on the relevant portal.
- Log In to Your TIMS Account: To proceed, you’ll need to log in to your TIMS account. If you don’t have one, it’s easy to create – just follow the prompts.
The Application Process
Once you’re inside the TIMS portal, you’re ready to kickstart the application process. It’s a straightforward journey from here, so buckle up!
Accessing the Asset Financing Menu
- Navigate to the Asset Financing Menu: Inside the TIMS portal, you’ll find a menu specifically dedicated to asset financing. Click on it to begin your application.
Entering Owner’s KRA PIN and Vehicle Registration Number
- Provide Essential Details: To initiate the application, you’ll be prompted to enter the KRA (Kenya Revenue Authority) PIN of the vehicle owner and the vehicle’s registration number. Double-check these details to ensure accuracy, as mistakes can delay your application.
Verification of Current Owner Details
- Confirm Current Owner: After entering the necessary details, the portal will display the current owner’s information. This step serves as a final verification before moving forward. If the information is correct, proceed by clicking “next.”
Making Payments and Submitting the Application
- Payment and Submission: At this point, you’ll be required to make a payment of Ksh. 1,175 for the asset financing application. Once the payment is processed, submit your application.
Confirmation of In-Charge by the Owner
- Owner’s Confirmation: The owner of the vehicle must log in to their TIMS account. They will find an option to confirm the in-charge status. This confirmation helps validate the financing arrangement.
Waiting for Approval
With your application submitted and the owner’s confirmation in place, it’s time to play the waiting game. The financier will await approval, and you’ll receive an SMS notification once the process is complete.
Receiving an SMS Notification
Three days later, John’s phone chimed with an incoming message. It was the SMS notification he had been waiting for – his asset financing in-charge had been approved! He couldn’t help but breathe a sigh of relief. Now, all that was left was the collection of the logbook.
Collection of the Logbook
Once your asset financing is approved, it’s time to dot the i’s and cross the t’s. This involves the collection of the logbook, a crucial step in the process.
Procedure for Logbook Collection
- The financier will surrender the old logbook and collect the new logbook.
Costs and Timelines
Understanding the costs involved in asset financing is essential to making an informed decision.
The cost for applying for asset financing in-charge on the NTSA TIMS Portal is Ksh. 1,175. This fee covers the processing and administrative expenses associated with the application.
Timelines for Asset Financing Approval
As mentioned earlier, the approval process typically takes three working days. However, it’s essential to note that the actual timeline may vary depending on several factors, including the workload of the NTSA and the financier. Patience is key during this phase.
Conclusion
In conclusion, applying for asset financing in-charge on the NTSA TIMS Portal is a convenient and accessible way to acquire the vehicle you’ve always wanted, or use your motor vehicle as collateral, whether you’re an individual or an institution. The process, while requiring attention to detail, is straightforward and streamlined.
So, if you’ve been dreaming of hitting the open road in that dream car or expanding your institution’s fleet, don’t let financial constraints hold you back. Take advantage of the NTSA TIMS Portal and embark on your journey to vehicle ownership through asset financing.
It’s a decision you won’t regret, and soon enough, you’ll be cruising in style, with the wind in your hair and the open road ahead.
