NCBA Bank has forged a strategic alliance with Inchcape Kenya, marking the inception of an asset financing campaign aimed at providing exclusive financing options for select vehicle brands until March 31, 2025. The initiative targets brands like Changan, BMW, Jaguar, and Land Rover, offering tailored financing solutions for both new and pre-owned vehicles to cater to the diverse needs of customers.
Under the Memorandum of Understanding (MoU) signed today, NCBA Bank pledges to extend financing solutions covering up to 90% of the value for new vehicles and up to 80% for used ones. The repayment terms extend up to 60 months (5 years) with a 60-day repayment moratorium post-vehicle release. Additionally, a processing fee of 1.5% of the loan amount and an interest rate of 20.6% per annum have been outlined.
John Gachora, Group Managing Director of NCBA Bank, expressed enthusiasm about the partnership, stating, “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.”
Inchcape Kenya, known for its wide range of vehicles, including light commercial vehicles with fuel-efficient engines and affordable SUVs from the Changan Brand, lauded the collaboration. Julia Vershinskaya, Managing Director of Inchcape Kenya, remarked, “We are delighted to partner with NCBA to offer our customers exclusive financing options that make owning a premium vehicle more attainable. This initiative is a testament to our shared vision of enhancing customer experience and satisfaction.”
Furthermore, vehicles financed under this scheme will be insured through NCBA Bancassurance Intermediary Limited, ensuring customer peace of mind and security.
Customers can expect a seamless purchasing process with warranty coverage, dedicated after-sales support, and a free tank of fuel in addition to financing, Vershinskaya added.
The partnership aims to streamline the acquisition of premium vehicles, fostering accessibility and convenience for consumers while bolstering NCBA Bank’s position in the asset finance sector.
