NCBA Bank has entered into a strategic Memorandum of Understanding (MoU) with Salvador Caetano Kenya Limited to roll out a new Asset Financing Scheme aimed at expanding access to both internal combustion engine (ICE) vehicles and electric vehicles (EVs) in Kenya.
Under the new scheme, customers will get up to 100% financing for personal vehicles,. They will also get up to 95% financing for commercial vehicles with repayment periods of up to 84 months and discounted processing fees.
For electric vehicles, the financing terms include:
- Up to 90% financing for EV models
- Repayment periods of up to 60 months
Through the partnership, customers purchasing vehicles from Salvador Caetano Kenya will gain access to financing for a broad portfolio of globally recognised automotive brands, including Hyundai, Kia, Ford, JMC and Chery.
Electric vehicle models covered under the financing scheme include the KIA EV6, Hyundai IONIQ 5, and Hyundai Kona EV, reflecting growing demand for cleaner transportation options in Kenya.
Speaking during the signing ceremony, NCBA Group Director for Asset Finance & Business Solutions, Lennox Mugambi, said the collaboration reflects the bank’s commitment to enabling customer ambition through innovative financing.
“At NCBA, we believe in the power of partnerships to ignite belief and empower ambitions. This collaboration with Salvador Caetano Kenya Limited places customers at the centre of practical, flexible financing solutions that make vehicle ownership more accessible and aligned to their needs today and into the future,” he said.
Mugambi added that NCBA remains committed to supporting both economic growth and sustainable development, noting its leadership in the asset finance market.
“Our continued investment in asset financing solutions supports individuals, SMEs, and corporates in achieving their aspirations while accelerating Kenya’s transition towards sustainable mobility,” he said.
Salvador Caetano Kenya Managing Director Aurélien Glay noted that the partnership will improve affordability and simplify the customer journey at the point of sale.
“Our partnership with NCBA marks an important milestone in making vehicle ownership more accessible across Kenya. By integrating competitive financing solutions directly into the customer journey, we are creating a seamless experience for both retail and business customers,” he said.
He added that the collaboration also supports the growing adoption of electric vehicles as Kenya moves toward greener transport solutions.
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