In the business world, owning the right tools has the potential to make or break a business. This is because owning the right tools can give you a competitive edge over others in the as well as have an effect of reducing the costs of your business. However, more often than not businesses don’t have the capacity to buy these tools outright hence the need for asset finance by trusted partners like NCBA Bank.
Asset finance can be termed as a type of business funding which enables one to acquire an asset for your business and pay for it in installments for a set period of time. Assets that can be acquired using this type of funding includes vehicles, machinery, office equipment among others.
Over the years, NCBA has built a name for itself as being one of the best bank on matters Asset financing. With many entrepreneurs having been able to achieve their dreams of expanding their businesses courtesy of the bank.
Here are some of the reasons that makes NCBA Asset Finance stand out.
Tailored Solutions
If you have ever owned or run a business, then you would know that at times income is not usually consistent but depends on cycles. This lack of consistent income has at times meant that SMEs are locked out of accessing facilities to expand their business.
NCBA on its part, offers tailored solutions for businesses depending on their income cycles. A good example of this is a school which receives the bulk of its income at the beginning of the term. In such a case, the repayment would be structured in a way that suits the school’s income cycle making it easier for them to repay the loan.
Quick Turnaround
One of the key selling points for the NCBA Asset Finance facility is the quick turnaround time. This is essentially the time period between making the application and the loan being approved and disbursed. The bank prides itself on being able to give approval for the loan within a period of 24 hours with the disbursement of the loan being done soon afterwards.
Being that in business, time is always of the essence the fast turnaround time has made the bank a favorite for those interested in purchasing movable assets.
Competitive Financing Options
There are times when one is looking to purchase say a vehicle or machine for your business. However, in the past financing institutions have had a requirement that one needs to make a payment of 20% of the value of the asset.
This has had an effect of locking out many people who might not be able to afford to raise the 20%. Being cognizant of this, NCBA has started offering over 95% financing which has made it easier for customers as the amount that they have to top up has significantly reduced.
Insurance Premium Financing
One factor that many people who are looking to purchase a vehicle often overlook is insurance with the focus being on purchasing the asset. However, insurance is a very important component because without it one cannot be able to operate on Kenyan roads.
Depending on the value of the vehicle, insurance can be a tidy sum which can become prohibitive to the businessman or individual purchasing a vehicle. To ensure that this does not become a barrier to owning a vehicle, NCBA offers insurance premium financing which allows one to pay of the insurance in manageable installments.