NCBA Unveils Ksh 2 Billion Electric Car Loan Financing for Customers

NCBA Group has launched a Ksh 2 billion electric vehicle financing deal for its customers as part of its green finance strategy.

The five-year deal will see customers enjoy asset financing of up to 80 per cent of the total cost of any personal or public service vehicle they identify.

In addition, NCBA will give a 10 per cent interest rate on reducing the balance offer for electric vehicle loan applications received within the first 90 days.

Kenya has more than 1000 partially electric vehicles, with dealers preferring this mobility option because they are environmentally friendly, reduce noise pollution, have long-lasting lithium-ion batteries, reduce energy dependence, and are cost efficient considering the high fuel cost.

“Transforming the transport sector into a low carbon, efficient and reliable system that will drive social and economic growth is at the heart of what we believe,” NCBA Group Director, Asset Finance and Business Solutions, Lennox Mugambi.

Mugambi noted that in the past few months, they have received growing interest and requests from customers who are keen to purchase electric vehicles.

“We see this investment as an opportunity to support the government establish a clean, efficient, and safe transport system that will safeguard an eco-friendly future,” Lennox Mugambi.

Electric vehicles are not only lighter but have faster acceleration, and the cost of charging them in Kenya starts from as low as Sh1000.

Currently, electric vehicles travel on average 313km on a full charge, and it takes up to 4 hours for the Battery to be fully charged based on the type of charger, type battery, charge level and capacity.