FINANCIAL SUPPORT

NCBA launches new loan product to support businesses

New loan product to cushion Kenyan businesses especially during these hard economic times

In Summary
  • Under this financing solution, Kenyans will be able to borrow funds against a vehicle that they already own provided the vehicle is not under any financing.
  • Upon application, customers will be able to receive feedback in 12 hours.

NCBA Bank Kenya has launched a logbook loan product that will enable Kenyans to access up to 50 percent financing against an owned vehicle.

NCBA Bank Kenya has  launched a logbook loan product that will enable Kenyans access up to 50 per cent financing against an owned vehicle.

Under this financing solution, Kenyans will be able to borrow funds against a vehicle that they already own provided the vehicle is not under any financing.

Upon application, customers will be able to receive feedback in 12 hours.

Customers will also be able to take logbook loans of a minimum value of Sh100,000 and a maximum value determined by the customer’s ability to pay subject to a cap of 50 per cent of the value of the vehicle.

“Businesses are facing very difficult times especially due to Covid-19, this financing solution as an opportunity to support them,”said Lennox Mugambi - Group Director, Asset Finance and Business Solutions, NCBA Bank.

“We encourage Kenyans – both customers and non-NCBA customers to take advantage of this product to restore their livelihoods, grow their businesses and largely support their families,” noted Mugambi.

Logbook based financing allows customers to tap into the value of their vehicles to access cash in a relatively short time and under more flexible terms.

Furthermore, repayment cycle is either monthly or seasonal based on the customer’s income cycle, making it a viable option to meet emergency financing needs.

“With this financing solution, businesses can now access cash and direct the same to capital expenditure or working capital within the main line of business activities,” said Mugambi.