Editor's Review

Used vehicles will receive asset financing of up to 80 percent of their value in the deal.

NCBA Bank on Tuesday, June 4 signed a Memorandum of Understanding with Inchcape Kenya for an asset financing campaign that offers Kenyans up to 90 percent financing for new vehicles.

The campaign which will run until March 31, 2025, aims to provide exclusive financing options for Changan, BMW, Jaguar, and Land Rover vehicles.

NCBA will also offer asset financing for used vehicles of up to 80 percent of their value in the deal.

“We are thrilled to enter into this partnership with Inchcape Kenya today. This partnership underscores our commitment to provide innovative solutions in asset finance to benefit our customers.

"This partnership opens up new opportunities for customers to own premium vehicles from renowned brands like Jaguar, Land Rover, BMW, and Changan,” NCBA Bank Group Managing Director John Gachora said during the announcement of the agreement.

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Inchape Kenya Managing Director Julia Vershinskaya on her part said the partnership with NCBA will make owning premium vehicles more attainable to customers.

“Customers can also purchase from the BMW and the JLR model lineup with ease because of this partnership. For peace of mind, the vehicles come with a warranty, dedicated aftersales support, and free tank of fuel in addition to financing” said Julia.

File image of  NCBA Bank Group Managing Director John Gachora

Under the agreement, customers will have up to five years to manage their finances and repay the loans.

NCBA Group Director, Asset Finance and Business Solutions Lennoc Mugambi announced that the banks offer a 60-day repayment moratorium after the vehicle's release.

“To further support our customers, we are pleased to offer a 60-day repayment moratorium after the vehicle's release. This period allows customers to settle into their new vehicle without the immediate pressure of repayments,” he stated.

The processing fee for the car loan is 1.5 percent of the loan amount while the interest rate is 20.6 percent per annum. 

Vehicles financed under this scheme will be insured through NCBA Bancassurance Intermediary Limited, offering our customers peace of mind and comprehensive protection.