In a strategic move seeking to enhance luxury vehicle ownership, NCBA Bank has partnered with Inchcape Kenya to offer an exclusive asset financing campaign.

The campaign, which commenced with the signing of a Memorandum of Understanding on Tuesday, is set to run until March 31, 2025, providing tailored financing solutions for a range of premium vehicles.

This initiative targets the financing of both new and pre-owned vehicles from distinguished brands such as Changan, BMW, Jaguar, and Land Rover.

In the ambitious agreement, NCBA Bank Kenya will provide up to 90 per cent financing for new vehicles and up to 80 per cent for used ones.

The financing terms include a maximum repayment period of 60 months and a 60-day repayment moratorium post-vehicle release.

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Processing fees are set at 1.5 per cent of the loan amount, with an annual interest rate of 20.6 per cent.

Inchcape Kenya MD Julia Vershinskaya lauded the partnership with NCBA Bank saying it will offer their customers exclusive financing options making owning a premium vehicle more attainable.

"This initiative is a testament to our shared vision of enhancing customer experience and satisfaction,” said Vershinskaya.

She emphasized the benefits for customers, noting that Inchcape Kenya provides a wide range of vehicles, from fuel-efficient light commercial vehicles to affordable SUVs under the Changan brand, as well as premium models from BMW and JLR.

"For peace of mind, the vehicles come with warranty, dedicated aftersales support and free tank of fuel in addition to financing," she added.

NCBA Group Director, Asset Finance and Business, Lennox Mugambi, echoed similar sentiments during the launch event.

"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," Mugambi stated.

Mugambi further highlighted the significant financing benefits available to customers stating, "This partnership will allow our customers to purchase new and also pre-owned vehicles with up to 90 per cent financing for the new vehicles and 80 per cent financing for pre-owned vehicles, based on their value.”

All vehicles financed under this scheme will be insured through NCBA Bancassurance Intermediary Limited, ensuring comprehensive coverage and security for customers.

Additionally, Public Service Vehicles (PSVs) will be reviewed according to the existing policies.

This campaign represents a significant step towards making premium vehicle ownership more accessible and underscores the commitment of both NCBA Bank and Inchcape Kenya to delivering exceptional value and satisfaction to their customers.