We are here to help

1. Will my loan repayment date change?
No, your loan due date will remain as communicated, which is 30 days from when you request for a loan.

2. When will I be charged a Rollover fee on my loan?
With effect from 30th July 2020, the rollover fee will be charged once the loan goes beyond 30 days from the day you borrowed. A reminder of when the fee will be charged will be communicated on day 28 and 29 of the loan being outstanding.

3. What if my loan is already beyond Day 30 and I wasn’t charged a roll over fee. Will this still be charged?
No, if your loan is already beyond day 30, you will get the usual loan reminder messages until loan repayment. However, if your loan is still outstanding on day 59 a roll over fee will be applied the following day (Day 60).

4. Will I be listed on CRB if I default on my loan within this period?
No, this has been halted until further notice. Customers will be provided ample notice prior to listing if the loan remains unpaid to an extended period.

1. Who is the Lock Savings Account ideal for?

The M-Shwari Lock Savings account is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months.

2. What are the requirements of opening a Lock Savings Account?

One must be an M-Shwari customer in order to access this service. To join M-Shwari, Go to your M-PESA menu, select “My account” and “Update menu” then go to your M-PESA menu, select Loans and Savings, MShwari, click on activate account and accept terms and conditions.

  1. What are the benefits of opening a Lock Savings Account?
    • No minimum savings.
    • There are no charges levied on the M-Shwari Lock Savings account.
    • The interest rate is constant during the investment period and is calculated and paid out monthly or at maturity.
    • The Lock period varies from one month to six months depending on the customer’s needs
  2. .How does one access the Lock Savings Account Menu?
    • The lock savings account can be accessed by going to M-PESA >>Loans and Savings >>M-Shwari>> Lock and selecting, “Lock Savings Account”. The menu is as displayed below when accessed the first time.
  3. How do I Open and Save into the Lock Savings Account?
    • To set up a Lock Savings Account, go to M-PESA, select Loans and Savings, then M-Shwari. Choose Lock Savings Account, open an account, and opt to save from either M-PESA or M-Shwari. Enter your target amount, select a savings period between 1-6 months, and input the amount to save. You’ll receive an SMS confirming the setup of your Lock Savings Account.
    •  
    • For subsequent savings, navigate to the Lock Savings option under M-Shwari. Choose to save from either M-Shwari or M-PESA, enter the amount, and complete the transaction by entering your M-PESA PIN.
  4. How will I know that my money in M-Shwari Lock Savings has matured?
    • Upon maturity, a notification will be sent to you via SMS from M-Shwari informing you of the amount saved and the interest earned.
  5. Can a customer withdraw their funds before the maturity date?
    • Yes. However, a customer will receive the requested money after 48 hours. A customer has the option to withdraw the entire amount (Break Lock) or make a partial withdrawal of the funds (Partial Break)

1. What is Excise Duty as it relates to M-Shwari?
As per the Excise Duty Act, 2015, all fees/charges due on services provided by financial institutions in Kenya are liable to a tax called Excise Duty Tax (EDT). Following the signing of the Finance Act of 2021 into law, the Government of Kenya introduced Excise Duty Tax on all loan-related fees/charges, including for M-Shwari loans. As a result, the facility fees charged on M-Shwari loans have been subject to a 20% Excise Duty Tax since the beginning of the financial year 2021/22.

2. What is new about Excise Duty on M-Shwari?
On M-Shwari, the Excise Duty charge has previously been collected at the point when customers pay back their loans. However, as part of an operational adjustment, the Excise Duty charge will now be collected at the point of disbursement, that is, when a customer receives their M-Shwari loan. This means that the loan amount received by the customer will be net of Excise Duty tax.

3. Does this mean the facility fees charged on M-Shwari loans has changed?
No. The facility fees charged on M-Shwari loans remains the same at 7.5%. As well, the Excise Duty Tax charged on the facility fees remains unchanged at the rate of 20%.

For example: Loan amount applied for: KES 1,000 Facility Fees charged: 7.5% of 1,000 = KES 75 Excise Duty Tax due: 20% of KES 75 =KES 15 Loan amount received: KES 1,000 -15 =KES 985

4. Is this a new charge/tax?
No. This change does not introduce any new charges or taxes relating to M-Shwari loans. It is simply a change in the process of collecting Excise Duty on M-Shwari.

5. Who is impacted by this change?
This change affects all customers who borrow on M-Shwari because the loan facility fees are subject to Excise Duty tax.

1. Who are the underwriters for Medistar?
Cigna are the underwriters who are one of the largest insurers globally.

2. What is the acceptance age?
65 is the acceptance age for individuals but once a member is on cover and continues to pay his premiums on renewals the member can continue with his cover.

3. Are premiums the same for everyone?
No they are age based so it depends on your age.

4. Are premium levels for Medistar claims rated?
No, premiums are related to each member’s age and not how many claims have been made.

5. At what age will my Medistar cover stop?
There is no age limit while you are a member, as long as you renew your cover every year you will be covered.

6. Do you accept pre-existing conditions?
Yes, but there is likely to be a premium loading or an exclusion to the condition. In some circumstances we may have to decline cover completely.

7. Are there moratorium/waiting periods applicable?
Not for most conditions however there is a 10 month waiting period for maternity benefits, 24 month waiting period for HIV/Aids and Psychiatric care and Bariatric Surgery.

1. What are the overall limits?
We have different overall limits for each level. These are:- Primary at £1,333,333/ $2,000,000 Advantage at £2,000,000/$3,000,000, Elite at £2,666,667/$4,000,000, Elite + at £4,000,000/$6,000,000

2. Is it a family floater cover?
No, there are no shared limits for the family. Each individual is covered and has his own annual limits in place.

1. Are premiums the same for everyone?
No they are age based so it depends on your age.

2. What are the increases annually at renewal?
The plans are managed to contain the cost and despite the large increases in medical inflation generally Medistar has had single digit increases over the last 10 years.

3. Do we get student discounts if one of the members is still a student in school?
Unfortunately not as premiums are based on age.

4. How competitive are Medistar rates?
We are very competitive in the international space as extremely affordable when compared to others. In the last 10 years we have had minimal increases when compared to other providers in the market and on average have had single digit increases.

1. How good is the provider’s network?
With over a million individuals globally covered by Cigna they have a network of 11,500 hospitals spread over 192 countries.

2. Who are the contracted service providers?
Most of the major hospitals have a direct settlement in Kenya with Cigna meaning you do not have to make any payments for the treatment. Cigna has a network of over 11,500 hospitals worldwide spread over 192 countries with whom they have an arrangement. You can also refer to the website and app for confirmation of which provider is covered.

3. Can we go to any hospital in Nairobi or anywhere in the world if we have worldwide excluding US cover?
Of course there is no restriction on hospitals and doctors you can go to your choice of hospitals and doctors in your zone of cover. In the USA you will only be covered for a period of 6 weeks for any emergencies while you are there.

4. If I cannot get appropriate treatment in Kenya, where can I go?
Cigna has an extensive list of providers which can be used. You can select your own choice of hospital or doctor but their charges will be subject to Reasonable and Customary limits as explained in FAQ 3.
5. Can we seek to be treated overseas at our discretion?
Yes you can, the choice is yours but you will have to pay the cost of travel if the treatment is available locally and also if eligible in your geographical area.

6. Does Cigna offer worldwide covers?
Yes but on a case to case basis as either you need to have a short time work contract or be a student there. Supporting documents should be provided.

1. Are flight costs covered?
Yes if the treatment you require is not available in Nairobi. The cost to fly you to the nearest centre of excellence or airlift you depending on your condition will be covered. If suitable treatment is available locally then if you wish to get treatment elsewhere the airfare will not be paid.

2. For travel cover – Do I need to take travel cover if traveling to the USA?
Yes it is advisable that you do in such cases.

3. Does Cigna cover evacuation on mountain climbing and skiing?
Yes provided it is not being done as a professional sport. If the activity is being done on a professional basis no rescue costs will be paid but you are covered for medical costs arising for hospital treatment according to the plan limit.

4. Is evacuation & repatriation optional?
Yes, it is included as standard in all plans at no extra cost.

5. Are funeral expenses covered?
Yes, provided the insured dies outside his home country then the cost of returning the body to the home country together with the insured members of the deceased’s family or an insured person are covered.

1. Is treatment for chronic conditions covered?
Yes, Medistar has full chronic cover on all plans as standard.

2. Is cancer treatment covered with Medistar Plans?
Yes, all cancers are covered in full and on all levels including the Primary level.

3. Is kidney dialysis payable?
Yes it is paid in full on all levels and does not have a limit as part of the overall limit. It is offered as an inpatient or an outpatient benefit.

4. Is outpatient treatment available?
Yes we have an outpatient plan on the Advantage level and the Elite level which is on pay and claim basis. On the Primary level we have the Pre-post-operative care benefit which is an outpatient benefit and we also offer the Primary Enhanced to corporates which has an outpatient benefit of $1000.

5. Is maternity offered?
Maternity is offered on the Advantage and Elite level which includes the outpatient level of cover. It is also offered on the Primary-plus level which is offered to corporates but not available on the Primary level itself.

6. What kind of room do I get in the hospital?
You are entitled to a Standard Private Ensuite room in any hospital that you seek treatment at. With the Elite+ you are entitled to have a superior room at all Nairobi Hospitals.

1. What are the exclusions on Medistar?
Non-prescribed medical treatments. – Consequences of drug-addiction and alcoholism. – Events related to bets or challenges. – Rejuvenation- and spa-cures, cosmetic treatments and convalescent rest. – Medical aids such as hearing aids, stockings, artificial limbs, standing frame, meter, aerosol, home trainer, infrared lamp, wig, orthopedic insoles and shoes, etc. (Please refer to more details on Page 16 of the Policy Wordings.)

  1. What is NCBA educator?

The NCBA Educator is an education policy we have developed to enable you to meet the education expenses for your child. The NCBA Educator is designed to enable a parent or guardian to put aside as little as Kes. 2,000.00 Monthly and receive a lump sum payment at the end of the policy term. In addition, it allows one to save for an asset, venture or a financial goal, not limited to education, thereby making this a very flexible solution for anyone who wishes to save for the future. It also allows one to generate, grow and protect their wealth, as they nurture their dreams.

  1. How does the NCBA educator work?

The policy buyer has the flexibility of choosing today, at what stage they would like the policy to cover the cost of their child’s education.

  1. Eligibility

Anyone between the ages of 18 and 62 can take the cover for their children. However, considerations can be made to accommodate customers who are above the maximum entry age of 65 with a corresponding change in the monthly premiums for a similar sum assured.

  1. What is the minimum and maximum monthly premium for the NCBA educator?

The minimum monthly premium for this policy is Kes. 2,000. However, it is the desire of every parent to be able to provide for his or her children the best education money can buy. It is therefore advisable to calculate the premium with the end in mind. With an estimated termly/yearly school fee of the desired school, a quotation is generated and a relevant monthly premium arrived at. The maximum monthly premium is determined by the customer’s desired partial and final maturity estimates.

  1. What is the minimum and maximum policy term for the NCBA educator?

The minimum policy term for this policy is 8 years whereas the maximum term is 20 years. A policy term refers to the period for which the policy remains in force from date of purchase to the date of final maturity settlement.

  1. How flexible are the premium payments?

The NCBA Educator enjoys the advantage of flexible premium payments in terms of frequency and mode. The frequency of payments are weekly, monthly, quarterly, semi-annually and annually with the annual premium payment enjoying an added advantage of a 5% premium discount. On mode of remittance, the premiums may be paid through check-offs, standing orders, bank orders, direct deposits, M-pesa, personal or company cheques.

  1. Can i change the sum assured, policy term and monthly premium after the policy commenced?

The policyholder is allowed to make variations on the sum assured, policy term and monthly premiums once yearly, on the anniversary of the policy. However, annual increment in sum assured is limited to 30% without the application of further waiting period or fresh medical evaluation.

  1. What happens to the policy if premiums are not paid for an extended period?

A policy may be declared “lapsed” if premiums are not received for 3 months (90 days) consecutively. When a policy is in the lapsed state, the policyholder is not covered by the policy for the period it remains without premiums. Upon settlement of the premium arrears by the policyholder, the policy cover is reinstated without further penalties. After the 3rd month, the policy goes into ‘APL’ i.e. Automatic Premium Loan, meaning a premium loan is advanced to the policy to continue paying for the cover. If the member wishes to reinstate cover after 6 months of non-payment, then a fresh medical evaluation report will be required at the members’ cost together with the full outstanding premiums.

  1. If the policyholder dies before the policy comes to maturity, what happens to the benefits?

The NCBA Educator comes with an inbuilt, free waiver of premium benefit (rider) which, in the unfortunate event of death of the policyholder, continues to pay the rest of the policy premiums from the time of death to the agreed maturity date. This rider ensures the policy remains in force up to maturity under the same policy terms and maturity value. 

  1. Are there other options available to conserve the policy in the event one is unable to continue paying premiums

Yes. Below are some of the ways to conserve a policy;

  • Premium reduction: A member may opt to reduce monthly premium from a higher amount to a more affordable figure so long as the new lower premium is not less than 2,000. A premium reduction will lead to a lower sum assured.
  • Term reduction: A policyholder may opt to reduce the policy term to the minimum (8 years) in times of constrained resources or foreseen future loss of income. This too will result in a lowered sum assured.

 

  • Paid Up: This option allows the policyholder of a policy that has been in force for at least 3 years (36 months) to cease paying monthly premiums and wait for the original maturity date with the current premium contribution but with a lower proportional sum assured.
  • APL – automatic premium loan: Once a policy has attained a surrender value, normally after 3 years or 36 months consistently paid, an automatic premium loan is advanced to the policy for a period of 1 year in order to retain the cover.
  • Policy re-date: The policyholder is allowed to change the initial maturity date by pushing it forward by the number of months the policy has remained without premiums. Please note, for re-dating, the unpaid premiums must be for at least 6 months. A fresh medical evaluation is required at the policyholder’s cost.
  • Surrender: A policy of life can be surrendered at any point of its term. However, if the surrender is requested before the policy’s 3rd anniversary, the policy holder stands to lose all their premium contribution.
  1. What is ‘NCBA Till’? 

NCBA Till is a payment solution that allows NCBA Customers who have signed up for the service to receive M-Pesa payments directly into their preferred NCBA account through an easy to remember unique reference “short code”. This eliminates the need for the customer to give out their bank account number to payers. 

  1. Who qualifies for an NCBA Till?

 Any NCBA account holder qualifies for an NCBA Till.

  1. How do I sign up for NCBA Till?

 Visit any NCBA branch or download the application form (NCBA Till Application Form) from our website www.ncbagroup.com, fill and sign the application form upon reading Terms and Conditions available on our website. 

Fully executed application form should be delivered to any NCBA Branch or Uploaded on Internet Banking by authorized users for onward processing. 

  1. How will my customers pay through my NCBA Till?

Go to M-Pesa 

Lipa Na M-Pesa 

Pay Bill 

Enter Business No. 880100

Account No. ‘Assigned Short Code’ e.g. PAYNCBA 

Optional additional Narration can be provided after a Space e.g. PAYNCBA Rent 

Enter PIN then OK

  1. How will I get notified for transactions received? 

An SMS and Email notification shall be sent to the phone number and email provided on the application form.

  1. How many NCBA Till numbers can I apply for? 

You can apply for multiple NCBA Tills, no limit. E.g. If you have 10 outlets across the country, you can apply for 10 NCBA Tills for each outlet. The NCBA Tills can either be linked to the same bank account or different bank accounts. 

  1. How long does it take to get an NCBA Till after application? 

Upon successful application, the short code shall be sent to you on email within 24hrs.

  1. What are the application and transaction charges for NCBA Till? 

The service is absolutely free to apply. NCBA does not charge transaction fees, however the sender will incur normal M-Pesa transaction fees. 

  1. Do I need to provide documentation for my business to get NCBA Till? 

NO, the NCBA Till Application Form will be sufficient. As an account holder, the bank is already in possession of relevant Business documentation. 

  1. How will the NCBA Till benefit my Business and I?
  • Easy to apply and sign up 
  • Easy to capture short code where your preferred code is given priority. A short and easy to remember code is recommended 
  • You can apply for multiple short codes, no limit as to the number of NCBA Tills you can apply ● Opportunity to include additional narration (optional) while making a Payment. The narration should be captured after the issued short code with a space in between separating the short code and the narration. E.g. PAYNCBA Rent 
  • PAYNCBA – Being the Short Code 
  • Rent – Being the Optional Narration 
  • Availability of funds immediately a payment is received. Funds are credited into your account instantly 
  • Validation of the short code before the transaction is accepted ensures the funds are received into a valid short code 
  • Ease of reconciliations, transactions alerts are sent to nominated numbers 
  • Possibility to integrate your systems with the bank for automated instant transaction notifications 

 

11. How can I get support on NCBA Till on a day to day basis?
For support on your day to day operations of your NCBA Till, talk to your Relationship Manager assigned to your business, visit your nearest NCBA Branch or call our Contact Center team on +254 711 056444/+254 732 156444 or email contact@ncbagroup.com

  1. What is a loan statement? 

A loan statement is an official bank statement with details of your current loan account including; the amount disbursed, payments received, loan balance, accrued interest and any arrears that may be present in the loan. 

  1. How often will I be receiving my loan statement / when? 

The loan statement will be shared every month. 

  1. How do I open my loan statement?
  • For customers who have an NCBA Current or Savings account: 

Enter the first 6 digits that form the beginning of your new NCBA Account Number. 

For example; Account Number: 4343438765 Password: 434343 

  • For customers who only have a deposit account – without a Current or Savings account:

Enter the first 6 digits that form the beginning of your NCBA deposit account number. 

For example; Deposit Number: 2323234567 Password: 232323

  1. How do I know my new NCBA account number? 

Your new NCBA account number is displayed on your Online Banking platform, your monthly statements and your NCBA debit card. If you are unable to trace it, please contact your Relationship Manager, nearest NCBA Bank Branch or our Customer Contact Centre on the following: Phone: 0711056444 / 0732156444 Email: contact@ncbagroup.com 

  1. How do I know my NCBA deposit account number? 

Your deposit account number is displayed on your fixed deposit advice.

  1. If I have multiple accounts with NCBA, which account number should I use to access my loan statement? 

To access your loan account, the first 6 digits of your new (NCBA account numbers are the same regardless of how many accounts one has at NCBA). 

  1. If I have multiple deposit accounts at NCBA, which account number should I use to access my statement? 

The password will be the first six digits of your deposit account number.

  1. If I have multiple loans mapped to one account, will the password be the same for all loan statements? 

Yes, the password will be the same (the first six digits of your new NCBA account number). 

  1. Can I use my loan account number to access the loan statement? 

Yes. You can use the first 6 digits of the loan account number to open the loan statement. 

  1. What do i do if my password is not working? 

Please contact your Relationship Manager, nearest NCBA Bank Branch or our Customer Contact Centre on the following: Phone: 0711056444 / 0732156444 Email: contact@ncbagroup.com 

  1. Can I change my loan statement password? 

It is not possible to change the loan statement password as it is linked to an NCBA account. 

  12. Will I automatically stop receiving my loan statements once I finish paying my loan?
Yes, the loan statements will not be sent out once a loan is paid off

  1. Which NCBA cards are eligible for Airport Lounge access using VAC app?

Infinite credit and debit cards only.

1. How can a cardholder sign up their Visa card for the VAC app?
Sign up is a simple process, following these steps:
Step 1: NCBA cardholders must download the Visa Airport Companion (VAC) app, available at no cost from the Apple App Store or Google Play Store.
Step 2: Once downloaded, select Sign Up and complete the information as requested including: • Card number • Expiry date • CVV number • Kenya as Country of issuance • Name, email address, and mobile number • Consent to Terms and Conditions, Privacy Policy, and Terms of Use.
Step 3: A six-digit code will be sent to the cardholder’s mobile number or email address for verification.
Step 4: After successful verification, the cardholder can create a password and will be directed to the app homepage where their benefits can be accessed straight away.

2. Does the cardholder need to enter their Visa card details to register on the VAC app?
Yes, the cardholder will need to enter their NCBA Visa card details in order to register. They will be asked to re-enter their card details if they get a new card (e.g., replacement for a lost/stolen card or if card expires).

3. Can the cardholder register at the lounge? Will lounge staff help cardholders download and register on the VAC app?
Cardholders must register in the VAC app before they can gain lounge access. They can register anywhere if they have access to the app and an internet connection. It is strongly recommended that cardholders register before arriving at the lounge to avoid delays in entering. Lounge staff will be trained to support and guide cardholders to some extent.

4. Where can I find my membership card within the VAC app?
Your membership QR code can be found by clicking Membership from the app home page.

5. Can the registered email address or mobile number be changed later?
Yes, cardholders can change their email or mobile number. To change their mobile number, they can select Account and the pencil/edit icon in their profile within the app.

6. What if the cardholder email/mobile number verification fails or fields are left incomplete during profile creation? Does the cardholder need to enroll their card(s) again?
If the cardholder was not able to verify their email/mobile number during the registration process, they have the option to skip this step by selecting “Ask me later.” However, upon their next login they will be asked to verify their mobile number or email in order to proceed with login.

7. Can cardholders add or register more than one Visa card on the VAC app?
Yes, if a cardholder has more than one eligible NCBA Visa card they can add it to their existing VAC account.

8. Can cardholders access all enrolled cards under one profile?
Yes, the cardholder can register multiple eligible Visa cards under one profile. They can view their memberships by going to the membership section and selecting Switch Membership.

9. Can a cardholder access a lounge if they do not have access to the internet/Wi-Fi/mobile data?
Yes, if the cardholder enabled offline access in the VAC app they can see their membership details without Wi-Fi or mobile data. If offline mode is not enabled, the cardholder will be unable to access the lounge. Note: First-time setup of offline access requires internet connection. Cardholders can enable offline mode by selecting Security from the Account page. Once enabled, cardholders can access their membership offline with their device biometrics.

1. Will my existing lounge program membership still work? Can I still use the existing lounge program app?
NO. As of October 1, 2024, your existing lounge memberships by Lounge key will no longer be valid. To access lounges, you must register on the VAC app.

2. Can my supplementary cardholders enroll under the same profile as the primary cardholder?
NO. Primary and supplementary cardholders cannot share memberships. The secondary cardholder must create their own VAC account using their own details.

3. Can the cardholder access multiple lounges at the same airport?
NO. The NCBA cardholders are entitled to only one lounge within a three-hour period.

4. Why was I denied access to the lounge?
If the lounge is at capacity, access cannot be granted. You can use the VAC app to check for an alternative lounge. Entry to any eligible lounge is subject to availability on the day the cardholder is traveling.

1. How can a cardholder access airport benefits after successful card enrollment in the Visa Airport Companion (VAC) app?
Cardholders will have access to their benefits immediately after successful registration. They will be able to view their entitlements and available airports and lounges.

2. How do I enter the lounges?
Present your membership QR code to the lounge staff. If entitlements are available, they will be automatically deducted. If no entitlements are available, a charge of $32 will be made to the NCBA Visa card.

3. Can I use a physical card to enter the lounge?
NO. The cardholder will be expected to present their membership QR code from the mobile app.

4. How do I find participating lounges at the airport?
In the Explore section of the app, the cardholder can browse available lounges by selecting the desired airport or country. The home screen also includes a Quick Link to the lounge list.

5. Prior to travel, can the cardholder check whether lounge access is complimentary?

Yes. Cardholders can view the status of their complimentary visits by logging into the VAC app at any time. The homepage and Membership sections will display the number of visits to which they are entitled.

  1. Can I bring guests with me to the lounge? Do I need to be traveling with them?

Yes, you can bring guests to the airport lounges. Guests must be on the same flight. If you do not have any complimentary guest visits, you have the option to bring guests with you for a charge of $32 per person per visit. The charge will be made directly to your NCBA Visa card.

  1. What is the Foreign Exchange Happy Hour campaign? 

The Foreign Exchange Happy Hour campaign offers exclusive preferential FX rates from 11am to 1pm for customers that initiate conversions via FX NOW every Tuesday and Thursday. 

The campaign’s preferential rates are limited to conversions involving USD, EUR & GBP against Kenya shillings. 

  1. What is the FX NOW feature? 

The FX NOW feature is a tool within the NCBA NOW Mobile App that allows you to perform foreign exchange transactions quickly and conveniently. 

  1. Who can access the preferential rates? 

Anyone with the NCBA Now App who wishes to do cross currency transfer between their own NCBA Accounts or to another NCBA Account can take advantage of the offer. 

  1. How do I access the preferential rates? 

To access the preferential rates, simply log in to the NCBA NOW Mobile App and use the FX NOW feature to perform your foreign exchange transfer during the Happy Hour period. 

  1. Which transactions are eligible? 

Funds transfers within NCBA Bank either to your own account or another NCBA customer 

  1. Can I use the preferential rates for multiple transactions? 

Yes, you can take advantage of the preferential rates for multiple transactions, provided they are all made within the Happy Hour timeframe. 

  1. Is there a limit to the amount I can exchange during the Happy Hour? 

There is no specific limit mentioned for the Happy Hour, but standard transaction limits and terms apply. 

  1. Who should I contact if I have issues or questions about the campaign? 

If you have any questions or encounter issues, you may reach out to your Relationship Manger, visit your nearest NCBA Bank Branch or contact our Customer Contact Centre on the following: – Phone: +254711056444 / +254732156444 Email: contact@ncbagroup.com WhatsApp: +254717804444

  1. What is the offer? 

Cash-back of Kes. 200 for a card spend of Kes. 4,000 and above payable at the end of the month. 

  1. When will the cashback be credited to my card /Account? 

Eligible Cardholders will receive the Offer in their Card Account within thirty (30) days from the last date of the Offer Period. 

  1. What happens if I do not receive the 2% cashback in my bank account? 

Call NCBA Contact Centre for assistance Mobile: +254 711 056444/+254 732 156444 or email contact@ncbagroup.com 

  1. What is the duration of the cashback Debit card campaign? 

The campaign will run from XXX August 2024 to 30th September 2024, both days included subject to availability of funds. 

  1. Who is eligible for this campaign? 

Personal Debit and Credit Cardholders. 

  1. What else do I need to know about the Campaign? 

Yes, NCBA Staff and their immediate families will be eligible to participate. 

  1. What are the exclusions in this campaign? 

The following transactions are excluded; 

  • Business Credit card transactions 
  • Business Debit card transactions 
  • Prepaid card transactions 
  • ATM transactions 
  • Cash advances 
  • Financial charges 
  • Balance transfers from credit card to Current Account.

 

  1. Can I transact multiple times the same day and get a cashback reward? 

Yes, you can transact multiple times and get rewarded a maximum of KES 200 per month. 

  1. Do I need to share my NCBA card details with the merchant to get the cashback into my account? 

No, you only need to pay for the goods and services and your NCBA account will be credited with the cashback. 

  1. Whom do I contact for assistance on any card issues? 

NCBA Contact Centre Mobile: +254711056444 OR +254732156444 or email contact@ncbagroup.com or your dedicated relationship manager (for RM managed clients).

  1. What is a Digital personal loan?

A digital personal loan is an unsecured term loan that can be accessed through the NCBA NOW Mobile Banking App and disbursed instantly to your NCBA account.

  1. What are the features of a Digital personal loan?
  • Unsecured – No security required 
  • Minimum loan limit of KES. 1,000 
  • Maximum loan amount of KES. 1,000,000 or Foreign Currency equivalent 
  • To qualify, you need to have been an NCBA customer for 6 months with an active personal account 
  • Minimum loan tenure is 3 months for loans of below KES. 50,000 
  • Maximum loan tenure is 12 months 
  • Can be accessed via NCBA Now App or USSD *488# 
  • Loans have credit life insurance with NCBA Bancassurance

 

  1. What is the difference between Digital Personal loans and Mobile loans?

The Digital Personal loan has a minimum of 3 months and a maximum of 12 months with a maximum limit of KES 1 Million and a minimum of KES 1,000. A mobile loan is a one-month loan with a minimum limit of KES 2,000 and maximum of KES 70,000.

  1. What type of accounts qualify for a personal loan?

   An active current account.

  1. Do joint accounts qualify for the Digital personal loans?

No, customers with joint accounts qualify for the loan. Encourage them to open and utilize personal current accounts to qualify.

  1. What are the charges for Personal loans?

The below deductions are made on the amount you borrow: 

  • Processing fee – 4% 
  • Interest charge – 20.6% pa (charged on a reducing balance approach) 
  • Insurance – 0.08% 
  • Excise duty – 20%
  1. What is the repayment period?

This will vary from 3 months to 12 months, depending on the tenure and amount you selected during the application process. For amounts below KES 50,000, the period is restricted to 3 months.

  1. Can I top up my personal loan?

No, this service will be available later, customers should engage their Relationship Managers for other available options.

  1. Can I extend my repayment period?

No, this service will be available later, customers should engage their Relationship Managers for other available options.

  1. How do I access Digital Personal loans?
  • Log in to your NCBA NOW App 
  • On the transaction menu, click Now Loans
  1. How do I qualify for the Digital personal loans?

For you to qualify for the digital personal loan you need to have an active current account and have banked with NCBA for 6 months and above with good turnover.

  1. After opening an account, how long do I have to wait to qualify for a personal loan?

New accounts will be eligible for digital personal loans after six months of actively transacting on the account, i.e., regularly receiving credits and debits.

  1. How do I check my limit?
  • Log in to your NCBA NOW App, on the transaction menu, click Now Loans. 
  • Once the customer clicks on the Now Loans, they will see the Personal loan menu (if they have limits), but will not see any menu if they don’t have a limit. 
  • The limit is calculated based on your account turnover, your account activity, and CRB records. 
  • Customers without limits should engage their relationship manager or contact center for more information.
  1. How long does it take to receive the funds once you apply for a digital personal loan?

The loans are instant, and funds are sent to your NCBA account immediately upon completion of the application process.

  1. How do I repay my personal loan?

Log into NCBA NOW, click on NOW Loans, and repay the loan under the Personal Loan menu. The funds for repayment must be deposited/available in the customer’s current account.

  1. Where will the loan be disbursed to?

Once your loan application is successful, the money will be sent to your NCBA current account.

8.. How do I check my loan balance?

Log in to NCBA NOW app, click on Loans, and view the balance under the Personal Loans menu.

  1. How can I access my personal loan statement?

The full and mini statement for personal loans will be available in the app in a later release. For the initial phase, customers should reach out to our contact center on the following:

Phone: +254711056444 / +254732156444

Email: contact@ncbagroup.com

WhatsApp: +254717804444

  1. How often will the limit reviews be carried out?

The reviews are done quarterly.

  1. How do I increase my limits?

By increasing account activity and maintaining a good CRB record.

  1. Can my limit be increased manually?

No, your limit will be prequalified by the bank periodically depending on the customer’s good credit behavior both in NCBA and external financial lenders.

  1. Does my CRB score affect my limits?

Yes, ensure you maintain a good CRB record for you to continue enjoying the service.

  1. What are the consequences of late digital personal loan repayments?

Listing on CRB, being denied access to the digital personal loan for a period of 6 months subject to your repayment behavior.

  1. After how long will my loan be reinstated after late repayments?

It will be reinstated after 6 months.

  1. What are the requirements for a Mobile Loan?
  • An active account with NCBA Bank for 6 months 
  • Be registered on NCBA NOW mobile banking platform
  1. What services can I access under the NOW Loans feature? 
  • You may apply for a mobile loan 
  • You may make repayment of your mobile loan 
  • You may check your mobile loan limit 
  • You may check your mobile loan balance
  1. How do I access Digital Personal loans? 

You may access Mobile Loan via USSD or on the NCBA NOW App as below: Via USSD *488# Via NCBA NOW App.

  1. What is the current interest rate for the Mobile Loan? 

The Mobile Loan is currently offered at an interest rate of 1.083% per month.

  1. What is the charge when I apply for the Mobile Loan? 

A processing fee of 4% is charged for each successful Mobile Loan application.

  1. How can I check my Mobile Loan limit? 

Once you log into NCBA Now, click on the NOW Loans icon. You will then see the loan limits for each product you qualify for displayed accordingly.

  1. What do I need to do to have more than one Mobile Loan at a time? 

Before borrowing again, you’ll need to settle your current outstanding Mobile Loan.

  1. Why can’t I access the Mobile Loan? 
  • You may have a zero limit 
  • You may be negatively listed with the Credit Reference Bureau (CRB) 
  • You may have an existing Mobile Loan 
  • You may have a low credit score rating 
  • You may have an existing loan which is in arrears 
  • You may have changed your phone number or your primary account number.

 To confirm your eligibility, please contact us for further assistance.

  1. How can I grow my loan limit? 
  • Increase your account activity/turnover
  • Maintain a good credit history 
  • Ensure all existing credit facilities are paid on time
  1. What are NOW Loans? 

These are digital loan facilities that are disbursed instantly into your current account and are applied through the NCBA Mobile Banking platform. 

  1. What is the duration of the short-term Mobile Loan? 

The loan is repaid within one month. 

  1. When are the charges for the Mobile Loan deducted? 

The processing fee is charged at the beginning while interest is applied to the outstanding amount. 

  1. What charges will I incur if I repay my Mobile Loan early? 

You will not be penalized for early mobile loan repayment; however, the interest will be calculated based on the number of days the loan has been active.

  1. What steps should I take if the loan is not disbursed to my account? 

You may go ahead to initiate another request. If the issue persists, please reach out to us for assistance. 

  1. Can I pay off my Mobile Loan before the due date and apply for a new one? 

Yes, you may pay off the mobile Loan before the due date and apply for a new one thereafter.

  1. What is the Business card Management Solution (Visa Spend Clarity Platform)? 

Business card management Solution refers to the processes and systems implemented by an organization to effectively manage and control the usage, expenses, and reconciliation of corporate credit cards. The benefits to the business entities are;  On-the-go expense management with auto-linking of uploaded receipts.  Intuitive control and visibility of employee transactions and card statements.  Swift and secure access to spend custom controls.  Powerful dashboards and tools to identify spend patterns and make informed decisions.  Online card management that enables card administrators to control card programs.  Automated and secure payment solutions to reconcile and pay suppliers quicker. To the company administrators they are able to control, where, how and when the employees can transact which reduces misuse of the company cards. You can implement centralized corporate spend policies through your employees’ cards. 

  1. What is required to enroll to NCBA Business Card management Solution? 

To sign up, visit https://ke.ncbagroup.com/card/visa-spend-clarity/ Call NCBA Contact Centre for assistance +254 711 056444/+254 732 156444 or email contact@ncbagroup.com. Once your employees’ corporate cards are enrolled for the services, expenses are synced to your employee’s credit card feed, allowing your employees to easily submit expenses reports with transaction data ready to go. Admin have access to a dashboard, enabling them to view all credit card transactions throughout the company. It takes 48 hrs for the card data to be transmitted on initial enrollment. Once enrolled you will receive a secure email from Visa on log in credentials.

  1. We do not have a business credit card for our company. How do we go about it? 

You must sign up for a NCBA business credit card to be able to enjoy this innovative solution.

  1. We only have prepaid cards or business debit cards; can we enroll the cards?
  2. The solution is currently available to business/ corporate credit cards. Please sign up for a business credit card to be able to enjoy this solution. 
  3. We do not bank with NCBA Group, We would like to have corporate cards for our employees. What do we do? 

Call NCBA Contact Centre for assistance +254 711 056444/+254 732 156444 or email Card.Sales@ncbagroup.com 

  1. How does corporate credit card management software work? 

Corporate credit card management software automates the entire expense management process. It integrates with corporate credit card providers and accounting software like QuickBooks, Intuit, or Xero, Sage pulls transaction data, streamlines reconciliation, enables employee expense tracking, and simplifies expense report creation. 

  1. Can corporate credit card management software handle multiple cardholders?
    YES. We can enroll all the employees’ cards into the platform. It allows for centralized management and provides individual card feeds for each cardholder, ensuring that all transactions are captured accurately for their respective expense reports.
  2. What is the card reconciliation process in corporate credit card management? 

Card reconciliation is the process of matching credit card statements with related receipts and expense reports to ensure accuracy and identify any discrepancies. Corporate credit card management solution simplifies this process by automatically reconciling transactions and flagging any potential issues. 

  1. How can I make expense reimbursement easier for employees? 

Implementing a corporate credit card management system can help make expense reimbursement easier for employees. These systems allow employees to easily capture receipts, create expense reports, and submit them for reimbursement, reducing the administrative burden. 

  1. Is it possible to manage personal credit card expenses through corporate credit card management software? 

This solution is only available for corporate cards. Personal credit cards are NOT enrolled on this platform. 

  1. We already have expense Management software. How can we leverage this? 

NCBA Corporate Card management solution has integrated with top expense management systems like SAAP Concur, Expensify, Certify, Expense Watch etc. where the company can be sharing the invoices online. This is only enabled by the administrator on the system. The administrator can even set up the frequency of sharing the data as per their needs. 

  1. What is the solution tariff? 

We have subsidized the service charge of $35 per card per year. 13. What happens if an employee has left/ we want to opt out of the service? You can contact the bank (Card.Sales@ncbagroup.com) to dis-continue the specific card or the administrator can also disenroll the card(s). 

  1. What happens if we issue other cards to employees? 

You need to contact the bank (Card.Sales@ncbagroup.com) to enroll the cards to the platform.

  1. We would like to have a private session with the bank to understand more about this solution. Is this possible? 

YES. The bank can always organize on-site or virtual sessions with the client and have a demo on the solution.

  1. Who is eligible for Affordable Housing Loans?  
  • A customer with a fixed monthly salary or income 
  • Workplace banking customers  
  • Business owners
  1. What products qualify for the concession?  
  • Home loan up to 105% financing
  • Buy and Build  
  • Construction loan  
  • NCBA Easybuild  
  • Directors Mortgage 
  1. What will be the loan limits under AHP? 

Loans will be capped at KES.6 million in the Nairobi metropolitan area (Nairobi, Kiambu, Machakos & Kajiado) and KES.5 million elsewhere to individual borrowers whose monthly household income is not more than KES 150,000. 

  1. What is the applicable facility fee? 

The applicable facility fee is 1.5% and 3% for business banking customers.

  1. What is the applicable tenor of the mortgage? 

The applicable term will be of 25 years subject to retirement age.

  1. What is the minimum rate? 

The minimum rate on offer will be capped at 9.5%% p.a. 

  1. What will happen to customers not banking with NCBA? 

For customers currently not banking with NCBA, on mortgage loan approval and return on letter of offer, the customer must show proof of instructions to employer to channel his/her salary or income to NCBA.

  1. Can existing mortgage clients qualify for the concessional rate? 

Existing mortgage clients will not qualify for the Affordable Housing mortgage rate. 

  1. What will happen to facilities going through conveyancing or existing facilities? 

All mortgages under conveyancing will retain the rates as per the executed and returned letter of offer. 

  1. What are some of the benefits for accessing funds under the AHP? 

Borrowers are able to access longer-term home loans leading to lower monthly repayments thus improved disposable income, and customers are able to match their rents to mortgage repayments. 

  1. Is the product available in FCY?

 The product will be available in KES only 

  1. If a client is borrowing less than 105%, for example, if the bank is advancing them 80% but for a term of 25 years, do they get 9.9% or 9.5%? 

The determinant is the LTV if a customer is borrowing below 90% of the value of the property or purchase price whichever is lower, the applicable rate will be 9.5% for a term of 20 years. 

13. Are we restricted to government projects?
Affordable Housing Financing is open to both private and government developers.

  1. When does the campaign run?
    The campaign will run every Tuesday of the week. 
  2. How do I qualify for the 400/= cash back?
    Every ONLINE shopping worth over 3000 Kes with your NCBA Visa card qualifies customers for the 400/= cash back. 
  3. Is the cash back effected immediately?

 Yes, immediately you make the payment and key in the promo code Visa400 

  1. Are walk in/ in store customers eligible for the cash back offer?
  2. The offer is available for online shoppers using your NCBA Visa card.
  3. Is the offer open for both Debit and Credit cards? 

Yes. The offer is applicable for both Debit and Credit cards. 

  1. What is the duration of the campaign? 

The campaign is between June and September 2023 

  1. How do I access the Carrefour online platform? 

Visit www.carrefour.ke, or the Carrefour Mobile app shop for purchase over 3000/=. During check out, enter the promo code-Visa400 and you will automatically get 400/= off. 

  1. Is there a maximum number of times for cash back eligibility? 

No. As long as you shop on Tuesday for at least 3000/= during the campaign period.

  1. What is Bancassurance?
    Bancassurance refers to the distribution of insurance products through bank branches. In a bancassurance setup, the bank serves as a distributor of insurance company’s products to its clientele through a licensed bank-owned intermediary.
  2. What are the benefits of purchasing an insurance policy through Bancassurance?
    Bancassurance offers the following benefits to customers:
    • Convenience – Bancassurance enables a customer the luxury to transact insurance matters within the comfort of our branches and reach us through our extensive bank contact points.
    • Superior customer service – The bank maintains a superior customer experience across all its services, consequently extending the service excellence standard to the insurance arm.
    • Reputable companies – The bank undertakes an annual rigorous vetting of the insurance partners in its panel to ensure that our clients deal with the most reputable companies in the country.
    • Product novelty and diversity – The amount of data available to the bank provided a unique opportunity for the bank to co-develop custom products for our customers that may not be accessible directly from insurance companies.
    • Competitive premium quotations – A huge customer database lends the bank the ability to leverage scale to negotiate an enriched scope of benefits for our customer at discounted prices.
    • Professional insurance advice – The technical staff within the bancassurance arm are professionally qualified and recognized by the insurance regulatory authority, guaranteeing proficient service.
    • Quick turnaround time – We have invested in cutting-edge technologies and systems to ensure seamless service for all our customers.
  3. What are some of the insurance products offered at NCBA Bancassurance Intermediary?

a. None-life insurance:
• Home insurance cover
• Motor Insurance cover
• Contractors all risk cover
• Property insurance cover
• Marine insurance cover
• Travel Insurance cover
b. Medical Insurance:
• NCBA Thrive
• Senior medical cover
• Junior medical cover
c. Life insurance:
• Mortgage protection cover
• Group life insurance
• Credit life insurance cover
• Group personal accident cover
• Business loan protectors cover
• Education insurance policies
• Savings plans
• Investments
• Pensions
d. Risk Management

  1. What documents do I need to provide in order to apply for an insurance policy?
    Different products will call for different documentation; however, the basic documents required for all the products are as listed below: 
  • Insurance application form
    • KRA PIN
    • ID/passport copy
    • Premium payments confirmation
    • Evidence of the asset being insured e.g. copy of logbook or a copy of the valuation report, copy of the property title deed, etc.
    • Executed application form
  1. In order to buy a new life insurance policy, would I be required to undergo any medical examination?
    Depending on the sum assured you apply for, the insurance company determines whether or not a medical examination is required. In case it is required, some insurers will pay for the medical examination costs. The insurance companies typically have a network of doctors/medical facilities across the country where all required medicals are done on recommendation by the insurer.
  2. When does my insurance coverage under my policy start?
    Conventionally, coverage under an insurance policy commences once you have fully documented the policy application and paid the requisite premium.
  3. When do I get my policy documents?
    Once your application is successfully reviewed and the premium is paid, a cover note capturing the summary detail of your cover is availed immediately, and a policy document is provided within 1 month for all single policyholder covers e.g. motor policy. In case the cover procured is under a scheme arrangement, the cover note may be availed immediately, and the master policy document for the scheme is also provided on request.
  4. What does my policy document include?
    The policy document may include all or some of the following details depending on whether it is a life or general insurance policy:
    • Policy Schedule which summarizes all the important details related to your policy like your name, policy number, date of birth, Date of Commencement of Coverage, benefits of the policy, premium due date, premium amount, premium payment mode, Nominee names & share for life policies, etc.
    • Detailed terms & conditions of the policy including what it covers and what is excluded. Alongside, a copy of the signed application form and illustration is also sent for your reference and record.
  5. What do I need to do with my policy documents?
    You are required to go through all the information in detail so that you have a clear understanding of all the aspects of your policy. Also, please check if all details mentioned on your policy schedule are correct.

7. What is the importance of my policy document?
The policy document is the contractual document and primary reference for all matters relating to your policy. For life policies, policy documents touch on future policy-related services/processes (e.g. alteration, surrender, claim, etc.). Therefore, we recommend that you keep these policy documents in a safe place.

  1. How do I get to know that my policy is falling due for renewal?
    NCBA Bancassurance will send to you a renewal notice in 90, 60, 30, and 7 days prior to your policy renewal date to discuss the renewal terms.
  2. Will I get any grace period for renewal premium payment?
    According to the insurance act by the Insurance Regulatory Authority (IRA), an insurance policy is issued upon premium payment. The bank has, however, provided an insurance premium financing facility to allow for deferred payment plans.
  3. What happens if I do not pay my renewal payment on the due date?
    In case of non-receipt of renewal confirmation and premium payment, your asset will no longer be covered from the risks anticipated. For assets financed by the bank, failure to submit insurance confirmation letters to NCBA upon expiry of the existing insurance cover will prompt the bank to undertake measures that ensure that its assets are not at risk due to lack of insurance. This will include the bank debiting your current/settlement account with applicable premium amounts to cover its interest in the financed asset as per the mandate granted to them at loan issuance.

4. Will I get any written confirmation once I have paid my renewal premium?
Yes indeed. NCBA Bancassurance sends you a confirmation of receipt of instructions & premiums, and the policy is renewed, followed by a renewal confirmation letter along with a formal premium receipt.

  1. How can one lodge a claim and what documents are required?
    A claim can be lodged by contacting NCBA Bancassurance via the email address bancassurance@ncbagroup.com and providing the circumstances of loss including the date. Once a claim is lodged, it is assessed and the requirements (if any) are communicated to the claimant in writing. Upon fulfillment of all necessary requirements, the claim is settled in accordance with the terms and conditions mentioned in the policy documents.

2. Will NCBA charge me a fee for facilitating the placement of the insurance cover on my behalf?
No. There are no fees levied on the customer for the intermediary service. The bancassurance intermediary, however, has a contract with the insurance companies who pay us a commission that doesn’t affect the premium paid by customers in any way. This means that customers would pay the same premium or more whether or not we earn a commission. The average commission rate paid by insurance companies to the bancassurance intermediary is 10%.

  1. What does a homeowner’s policy cover?
    Unless the cause of loss is excluded in the policy, a homeowner’s policy provides coverage for personal liability, medical reimbursement to employees, and accidental direct physical damage to your dwelling. In addition, the policy provides coverage for your personal property for specific perils including, but not limited to:
    • Fire
    • Lightning
    • Windstorm
    • Hail
    • Theft
  2. What should I do if I want to add or remove items in my homeowner’s policy?
    A policy can be endorsed by giving instructions to NCBA Bancassurance in writing to amend the policy document. It is advisable to include all supporting documentation with your request e.g. copies of receipts, photographs of the items, etc.
  3. What is the waiting period for the medical insurance cover?
    Most medical insurance covers have a waiting period of 30 days before you can start using the benefits provided by the cover. The waiting period for pre-existing conditions could be longer, sometimes extending to a full year.
  4. What information do I need to provide for a health rate quote?
    For a health rate quote, you will be required to provide your:
    • Name
    • Age
    • Gender
    • Nationality
    • Occupation
    • Medical history
    • Any pre-existing conditions
  5. What do I do in case I get involved in an accident?
    Immediately after an accident, you should:
    • Notify the police, especially if the accident caused bodily injury or property damage to third parties.
    • Document the incident thoroughly and take photographs.
    • Collect names and details of witnesses.
    • Report the incident to your insurer promptly as outlined in the policy conditions.
    • Obtain a copy of the police report and forward it to your insurer.
  6. What insurance claims benefits am I entitled to? 

Comprehensive Insurance Cover may include all or some of the following: 

a.Accidental impact damage including overturning and collision

 b.Accidental fire damage

  1. Theft/partial theft cover 

d.Windscreen cover 

  1. Entertainment system cover 
  2. Emergency medical expense cover 
  3. Courtesy car/ loss of use cover
  4. Excess protector 
  5. Political violence & terrorism cover 
  6. Third-party liability cover for bodily injury & property damage

 

Third Party Insurance Cover

It is the minimum legal cover that every car owner must have to be legally on the road. The cover protects a vehicle owner from liabilities that may arise from third parties in the event of an accident. Third-party liability relates to: 

a.Bodily injury 

  1. Property damage 

This cover does not protect the car owner from personal liabilities – any repair costs are met by the insured himself.

  1. Can I take a credit life insurance cover against my asset finance loan?
    Yes. Credit life insurance is typically taken to cover outstanding loans or debts. This insurance will pay off the remaining balance of the loan in case of the borrower’s demise.
  2. What does credit life insurance cover?
    Credit life insurance covers outstanding loan repayments in case the policyholder passes away during the loan period. This ensures that the borrower’s family is not burdened with the loan repayment.
  3. What is the average cost of the cover?
    The cost of credit life insurance can vary based on the loan amount, the borrower’s age, and other risk factors. Generally, it is calculated as a percentage of the outstanding loan balance.

4. What are the current insurance rates?
Current insurance rates depend on several factors, including the type of insurance, the insured amount, and individual risk assessments. For precise rates, it’s best to consult directly with NCBA Bancassurance or review their current offerings.

  1. Can one apply for a top up loan on an existing asset finance loan? 

Loan top up on an existing asset finance loan is currently unavailable. We will advise incase this position changes. 

  1. Can one pay off an asset finance loan in full before the loan tenor is over? 

Yes. A customer can pay off their loan at any time before the loan tenor is over and become eligible to apply for a new loan. 

  1. Does NCBA Bank buy-off asset finance loan from other financial institutions? 

Yes. The application process is the same as would be for a normal asset finance loan request. The borrower will in addition provide loan statements from the current borrowing financial institution. 

  1. What is the maximum % of financing? 

This will depend on the type of asset being considered and its respective dealer/seller. We have scheme partnerships with various dealerships that have differentiated financing terms. Additionally, each request is treated on its own merits based on certain credit criteria or considerations.

  1. Is there a minimum amount of financing for asset finance? 

The bank can finance a minimum of KES 300,000.00 for asset finance facilities and KES 100,000 logbook loans respectively. 6. Does NCBA Bank finance motorbikes? Yes the bank finances motorbikes. This is limited to brand new motorbikes only and the minimum financing amount KES 300,000.00.

  1. How much is my monthly loan repayment installment? 

Your loan repayment will depend on the amount being financed, interest rate and repayment tenure. To view your monthly repayment amounts, refer to the repayment schedule attached to this email. You may also reach out to us for details on your loan repayment information. 

  1. Can someone else pay my loan through my account? 

A third party may credit funds to your loan settlement account which will subsequently settle overdue installments. Where you wish to transfer the loan liability to another party, contact the bank to formalize the process as per the established loan takeover guidelines. 

  1. When is my loan repayment date? 

Your loan repayment details are included in this email body.

  1. Can the repayment date be changed during the loan period? 

Yes. This is possible, preferred repayment dates are 5th and 25th of every month, customer may channel this request through any NCBA branch, your Relationship Manager or reach out to our Customer Contact Center.

  1. What should I do if I am unable to pay my installment or if there will be a delay in paying my installment?

Before the loan goes into arrears, contact your Relationship Manager or visit any NCBA branch to discuss the terms of your repayment schedule

  1. In the event that I am financially constrained, can I apply for a loan restructure or moratorium? 

Yes, you can reach out to your Relationship Manager or visit any NCBA branch to discuss the terms of your loan restructure.

  1. Does restructuring my loan repayment increase the cost of my loan facility? 

Loan restructuring does increase your total cost of credit since it increases the interest amount payable. Deferred payments and extended loan tenures increase the interest cost of the loan due to reducing balance principle. 

  1. Whom and where do I place my application for a loan restructure? 

You can apply for a loan restructure at any NCBA branch or through your Relationship Manager.

  1. Can I change the initial use of the vehicle (e.g. from private to commercial or PSV) when the loan is still running and does this require consent of the bank? 

Yes. This is acceptable to the bank provided the vehicle meets the criteria for the new usage sought. The bank has defined approval criteria for different classes/usage of vehicles and hence the change may inform a review of the approval terms. Further change of vehicle usage should be authorized by the bank in the form of written communication. 

  1. Can I undertake modifications in the vehicle that substantially alters the initial body type? The bank requires to approve in writing any modification on the body type.
  1. What happens if I want to dispose of my motor vehicle while still on loan? 

This is possible however, you are required to engage the bank prior to execution of the sale. Once the bank has agreed to this proposal, the proceeds of the sale will be paid directly to the bank and be utilized to offset the outstanding loan balance and the balance will be availed to the seller. 

  1. Can I sell my vehicle to another party and the party continues to service the loan facility granted? 

The process will go through to the bank’s loan take over guidelines and procedures. The bank does not recognize third party agreements with regard to a vehicle under financing. 

  1. Can my loan be taken over by another bank? 

Yes. The takeover bank will submit an undertaking contract to NCBA for review and consideration.

  1. Is there any benefit / penalty if I decide to offset my loan earlier than the agreed tenor? 

Yes, you may offset your loan before expiry of the agreed tenure. This enables you to get to save on the interest chargeable on the loan for the remaining loan tenure. 

  1. Can I take another loan immediately after repayment or in the life of an existing facility? 

Yes you can. This is subject to the normal credit review. A good repayment history boosts your chances of qualifying for higher facilities. 

  1. What is log book release? 

Once you finish paying your asset finance loan facility, the bank releases its ownership interest on the asset and releases the log book back into your custody. 

  1. What are the steps of getting my log book released? 

Upon clearance of your loan facility, visit any branch or reach out to your Relationship Manager to place instructions for log book release. Upon receipt and confirmation of these instructions, the bank will send the original logbook (still jointly registered) to your preferred physical address/branch for processing of the log book in your individual name. 

  1. How do I change the joint registration on the logbook to be under my name once I pay the loan? 

At the point of log book release, the bank will discharge its interest in the vehicle through National Transport and Safety (NTSA) – Tax Invoice Management System (TIMS) portal. The log book under the customer’s sole name will then be available at NTSA within 2-3 weeks.

  1. What are the charges / fees for a logbook release? 

The borrower will incur only costs stipulated in the agreement such as Option to Purchase fees (refer to your offer letter for a summary of these). Additionally, the customer pays the log book discharge fees (as guided by NTSA tariffs) directly to NTSA via their acceptable modes of payment.

  1. What are the timelines for a log book release once I send my instructions to NCBA? 

Log book release happens within the same day (1-2 hours). 

  1. What happens if my logbook is not with the bank at the point of release? 

The bank will assist in following up with the relevant agency (in this case NTSA) to resolve the matter.

  1. Once I finish paying my asset finance loan, can I get a loan against my log book? 

Yes. We have a solution called Log Book Loan that enables you to borrow cash against an owned vehicle provided it’s not under any finance. To apply for the log book loan, visit the NCBA website and get approval within 12 hours.

  1. How do I reduce the principal for my Log Book Loan? 

Visit your nearest branch or talk to your Relationship Manager to submit the request. You can also send an email your request to place the instructions via our contact center or your relationship manager.

  1. What is repossession? 

In the unfortunate event that you are unable to continue paying your monthly loan installments, and no communication is made to the bank with regard to delayed payments/special arrangements, the bank in line with terms and conditions of loan agreement, will take back into its custody the asset.

  1. After how long is a car repossessed? 

When your monthly installment is not made, repossession takes place 14 days past your monthly installment payment date.

  1. Can I talk to the bank in case I am unable to make my monthly installments to avoid my car from being repossessed? 

Yes. In case you face challenges that could hinder you from making your monthly installments, please contact the bank at least seven days before your monthly installment falls due. 

  1. How much is the repossession fee? How much do auctioneers charge if they call me to demand payment on behalf of the bank? 

The repossession fee is a minimum of KES 21,600 but will vary based on different situations for instance if the whereabouts of the vehicle are not trackable. In some cases, towing fees will also apply. 

  1. How much do auctioneers charge if they call me to demand payment on behalf of the bank? The collection fee is charged at KES 6,800. Collection fee applies when auctioneers call the customer to clear defaulted amounts. 
  2. After how long is a car auctioned?

Once a vehicle is repossessed, a sale notice is issued immediately giving the customer 7 days to make the outstanding payments Valuation is then done and after 7 days, the vehicle is advertised in the popular daily newspapers. Auction begins 7 days after the advertisement date.

  1. How much is Auction fees? 

This is a total of the fees related to auction i.e. storage fees, valuation and advertisement. 

  1. What is the process of getting my car released from the yard once I clear my arrears? 

Upon clearing of all arrears, the customer will issue release instructions at any NCBA branch or contact your Relationship Manager who will confirm that all payments have been made. Upon clearance of the payments and the yard storage charges, the bank will then issue a release letter to the yard where the vehicle is stored. 

  1. When the repossession process is underway, how much % of the arrears do I need to pay to stop repossession?

To stop a vehicle from being repossessed, all arrears should be paid in full. 

  1. Is the auctioneer fee refundable in case it is determined that the customer was overcharged? Where there is sufficient evidence, a reversal will be done to the customer.
  2. Can I drive my car to the yard to avoid the repossession fee? 

Yes, you can do that and it’s highly encouraged. However, this should be before the customer has been approached by an auctioneer. Ideally on or before day 14 of non-remittance of overdue installments. 

  1. How can I have my tracker repaired in case of malfunction? 

You should advise the tracking company for repairs. Vehicles whose trackers are offline, are flagged on a monthly basis. In cases where a customer is uncooperative, a repossession order will be issued with charges borne by the customer. 

  1. What do I do in case I get involved in an accident? 

Observe the guidelines issued to you by your insurer, and the authorities like the police. Ensure that, where possible, you document the accident and obtain a police abstract detailing the details of the accident. Call your insurance company/broker or agent as soon as possible to guide on the next steps following the accident. 

  1. What do I do when insurance is due or after I renew my insurance? 

You may renew the cover through the NCBA Bancassurance Intermediary Ltd to enjoy competitive rates or use this link: https://bit.ly/3ySncba to access the list of the insurers who are in our pre-qualified panel. Once you renew the cover, please provide confirmation of renewal at your nearest NCBA branch or send it via insuranceupdate@ncbagroup.com . Download the Insurance confirmation form here: https://bit.ly/3KZ3iyy-ICF 

  1. What happens if I fail to submit evidence of insurance renewal to the bank immediately after renewal? 

Failure to submit an insurance confirmation letter to the bank upon expiry of the existing insurance cover will prompt the bank to undertake measures that ensure that its assets are not at risk due to lack of insurance. This will include the bank debiting your current/settlement account with applicable premium amounts to cover its interest in the financed asset.

  1. Must my car be insured through NCBA Bancassurance Intermediary ltd? 

For a seamless experience and convenience, the bank requires all its financed assets to be insured through the bank’s approved underwriters, agents, brokers and intermediaries subject to (Insurance Regulatory Authority) IRA guidelines. You may renew the cover through the NCBA Bancassurance Intermediary Ltd to enjoy competitive rates or use this link: https://bit.ly/3ySncba to access the list of the insurers. 

  1. What are the current insurance rates? 

Insurance rates vary depending on a variety of factors such as preferred underwriter, as well as risks being insured. Kindly contact us on 0711056444 / 0732156444, email contact@ncbagroup.com or reach out to your Relationship Manager for more details on this.

  1. Must the vehicle be financed by NCBA Bank to get insurance through NCBA Bancassurance Intermediary Ltd? 

No. We offer insurance services for all persons regardless of whether they are NCBA Bank customers or not.

  1. What insurance claims benefits am I entitled to? 
  • For motor private vehicles, you are entitled to towing and rescue and may be entitled to a courtesy car benefit if it had been paid for at the onset of cover.
  • For motor commercial, you are entitled to:

 – Towing and rescue – May be entitled to loss of use benefit (A benefit due to a vehicle upon an accident, considered as the insured monetary losses at the time of accident. It may be the cost of hiring another vehicle during the time of repairs subject to the policy unit or even a courtesy car) 

– Zero disruption benefit (where your loan is paid for by the insurer for about 2 or 3 months) 

– Carrier’s liability where the goods that are being carried are also covered in case of damage.

  • For both private and commercial motor vehicles, you may also be entitled to Personal Accident benefit, where your medical bills in relation to an accident are paid for. This benefit is subject to settlement of an extra premium at the onset of cover.
  1. Can I take a credit life insurance cover against my asset finance loan? 

Yes. Please visit any NCBA branch or contact us on 254711056444 / +254732156444 to get assistance in procuring your credit life insurance. 

  1. What does credit life insurance cover? 

This is an insurance cover that will pay outstanding debt in the unfortunate event of the borrower’s death. 

  1. What is the average cost of the cover? The cost varies as per the insurance risk acceptance criteria. Kindly contact us for further advice

 

Get More information from Our Brochures