NCBA Bank PLC has teamed up with Inchcape Kenya to roll out an ambitious asset financing campaign designed to make premium vehicles more accessible. This partnership, sealed with a Memorandum of Understanding, promises exclusive financing options for Changan, BMW, Jaguar, and Land Rover vehicles until March 31, 2025.
NCBA’s new venture with Inchcape Kenya introduces an enhanced model of asset financing tailored to address the diverse needs of its customer base. This initiative underscores the commitment of both organisations to innovate within their industries and provide customer-centered solutions. The bank has also been leading the way with electric vehicle financing.
NCBA – InchCape Financing Options Offered:
Under this initiative, customers will benefit from financing for both new and pre-owned vehicles. NCBA will finance up to 90% of the purchase price for new vehicles and up to 80% for pre-owned models. This inclusive financing scheme is set to transform how Kenyans purchase high-end vehicles, offering a pathway to ownership that balances immediate affordability with manageable repayment terms.
Repayment Terms and Conditions:
The terms of the loan are equally appealing, with a maximum repayment period of 60 months, or five years, providing ample time for customers to spread their payments. To further ease the financial burden on buyers, the partnership offers a 60-day moratorium period immediately following the release of the vehicle. This moratorium is essentially a grace period during which no loan repayments are required. It’s designed to provide new owners with sufficient time to manage their initial expenses without the added pressure of immediate loan repayments. This thoughtful feature ensures that customers can adjust smoothly to their new financial responsibilities and enjoy their new vehicle without immediate financial strain
Fees and Interest Rate:
All financed purchases under the campaign will attract a processing fee of 1.5% of the loan amount. The loans will also carry a fixed interest rate of 20.6% per annum, ensuring that customers have a clear understanding of their financial obligations from the outset.
NCBA – Inchcape Financing Summary:
| Vehicle Type | Financing Coverage | Repayment Period | Moratorium | Processing Fee | Interest Rate |
|---|---|---|---|---|---|
| New Vehicles | Up to 90% | Up to 60 months | 60 days | 1.5% | 20.6% |
| Used Vehicles | Up to 80% | Up to 60 months | 60 days | 1.5% | 20.6% |
Added Benefits
Inchcape Kenya also offers additional incentives to sweeten the deal. Customers can choose from a range of vehicles, including fuel-efficient light commercial vehicles and affordable SUVs from the Changan brand. Moreover, all vehicles purchased through this partnership come with a warranty, dedicated after-sales support, and even a free tank of fuel—further enhancing the value proposition offered to consumers.
Insurance and Vehicle Security:
Securing customers’ investments, NCBA mandates that all vehicles financed under this initiative are insured through NCBA Bancassurance Intermediary Limited. This step ensures peace of mind and security, safeguarding both the financial and physical aspects of the newly acquired assets.
What they said:
At the campaign’s launch, John Gachora, Group Managing Director of NCBA, expressed his enthusiasm about the partnership, stating, “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.”
From Inchcape’s side, Julia Vershinskaya, the Managing Director, echoed this sentiment, “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.”
In 2021, NCBA signed a similar deal with DT Dobie for 95% financing of Volkswagen and Mercedes Benz vehicles in Kenya. They also signed a similar deal with Simba Corp.
