NCBA Bank has signed a Memorandum of Understanding with Inchcape Kenya for an asset financing campaign expected to run until 31st March 2025. The 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 our esteemed customers. The financing options include:
New Vehicles: Up to 90% of their value
Used Vehicles: Up to 80% of their value
Maximum Repayment Period: Up to 60 months (5 years)
Repayment Moratorium: 60-day repayment moratorium post-vehicle release
Processing Fees: 1.5% of the loan amount
Interest Rate: 20.6% per annum
All PSVs will be reviewed in accordance with the terms in existing policies. Additionally, all vehicles financed under this scheme will be insured through NCBA Bancassurance Intermediary Limited, ensuring peace of mind and security for our customers.
(TOP: NCBA Group Director, Asset Finance and Business, Lenox Mugambi, and Inchcape Kenya MD, Yulia Vershinskaya).
Speaking at the launch, the NCBA Bank Group MD John Gachora, said: “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.”
“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.”
Inchcape Kenya offers a wide range of vehicles for customers to choose from. From light commercial vehicles with fuel efficient engines to affordable SUVs from the Changan Brand. Customers can also purchase from the BMW and the JLR model line up with ease because of this partnership. For peace of mind, the vehicles come with warranty, dedicated aftersales support and free tank of fuel in addition to financing” said Julia Vershinskaya, the MD, Inchcape Kenya.
NCBA Group is a full-service banking group providing a broad range of financial products and services to corporate, institutional, SME and consumer banking customers. NCBA Group operates a network of more than 100 branches in five countries, including Kenya, Uganda, Tanzania, Rwanda, and Ivory Coast. Serving over 60 million customers, the NCBA Group is the largest banking group in Africa by customer numbers. NCBA Bank Kenya PLC is Kenya’s third-largest bank by assets. The Bank is set to play a key role in supporting Africa’s economic ambitions. The Bank is a market leader in Corporate Banking, Asset Finance and Digital Banking.
Inchcape is a multinational automotive distribution, retail and services company headquartered in London, United Kingdom. Inchcape has operations in 32 countries across Asia, Australia, Europe, Africa and South America. In Kenya, we operate as the official distributor for Changan Auto, BMW, Jaguar, and Land Rover.
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