NCBA AND INCHCAPE  INK  A VEHICLE FINANCING DEAL

NCBA has  signed a memorandum of understanding with Inchcape Kenya for an asset financing campaign expected to run until 31st March 2025. This initiative aims to provide exclusive financing options for Changan, BMW, Jaguar, and Land Rover vehicles.

Under this initiative, NCBA will offer financing solutions for both new and pre-owned vehicles tailored to meet the diverse needs of the bank’s   customers.  Under one of  the options,  new  and  used  vehicles will be financed up to  90% and 80% of their value respectively. Additionally, the maximum repayment period will be up to sixty months ( five years).   By  the same  token,  the customer  shall enjoy a sixty day repayment moratorium after the vehicle has been released.  Loans for the financing of vehicles under this agreement will include a processing fee of 1.5% for all customers  and  will  attract an interest rate of 20.6% per annum.

Commitment

The  other   important   consideration   is   that  all   public service vehicles ( PSVs) usage     will be reviewed in accordance with the terms outlined   in  the  existing policies.  Further, all vehicles financed under this scheme will be insured through NCBA Bancassurance Intermediary, hence enhancing the customer experience.

Speaking at the launch,  NCBA  Group Managing Director, Mr John Gachora, said :  “We are thrilled to enter into this partnership with Inchcape Kenya ; it  underscores our commitment to provide innovative solutions in asset finance to benefit our customers.” He added : “This partnership opens up new opportunities for customers to own premium vehicles from renowned brands like Jaguar, Land Rover, BMW, and Changan.”

 Highlighting    about   this  development,  Julia Vershinskaya,  Managing  Director,  Inchcape Kenya  said :  “We are delighted to partner with NCBA to offer our customers exclusive financing options that make owning a premium vehicle more attainable.” She added :   “  This initiative is a testament to our shared vision of enhancing customer experience and satisfaction.”  She further said  that  the vehicles come with warranty, dedicated aftersales support and  a   free tank of fuel in addition to financing.