The NCBA Bank PLC has introduced a logbook loan product that will allow Kenyans to borrow up-to 50% of the value of a car they owned.
“Businesses are facing very difficult times especially due to COVID-19 and so we see this financing solution as an opportunity to support businesses that are still grappling with the aftershocks of the pandemic.” Lennox Mugambi, NCBA Group Asset Finance and Business Solutions.
Kenyans will be able to borrow funds against a car they already own as long as the vehicle is not financed. Customers can receive feedback in 12 hours after submitting an application.
Customers will be able to take out logbook loans with a minimum value of Ksh100, 000 and a maximum value calculated by their ability to pay up-to 50% of the vehicle’s value.
“As a bank, what matters to our customers matters to us too. 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 especially with high hospital bills that are required in the unfortunate event of hospitalization due to COVID-19.” Added Mugambi.
Customers may use the valuation of their cars to get cash in a limited amount of time and no more flexible terms through logbook based financing. Additionally, depending on the customer’s income cycle, the repayment cycle is either monthly or seasonal making it a practicable choice for meeting emergency financing needs.
According to Lennox Mugambi, businesses can now access funds and direct it to capital expenditure or working capital within the mainline of business operations through this funding solution. Additionally, employed people could put the money into investments, personal growth and education.