Nairobi, Aug. 24 -- Equity Bank has entered the fast-growing market for vehicles powered by liquefied petroleum gas, also known as autogas, with loans of up to Sh200,000 for motorists seeking to convert their units from petrol and diesel.

In a deal between the lender and Proto Energy, loan beneficiaries will have a 30-day grace repayment period for the loans, which have an interest rate of 16.6 percent.

Equity Bank's entry signals the allure of a market where motorists have largely self-funded the conversion of their vehicles to autogas amid skyrocketing prices of petrol and diesel.

The deal comes as the cost of petrol and diesel has significantly increased, with a litre of either costing at least Sh14 more compared to a litre of autog...