Access to affordable credit can be a game-changer for individuals seeking to acquire assets, meet pressing financial needs or achieve long-term personal goals.
Whether it is purchasing a home appliance, financing education, renovating a house or managing unexpected expenses, the right loan facility can provide the financial flexibility needed without disrupting one’s savings or daily cash flow.
Recognising these evolving financial needs, NCBA Bank offers a Personal Secured Loan designed to help customers access financing tailored to their lifestyles and repayment capacity.
“Acquire assets, accomplish your goals and move further with secured and unsecured personal loans custom-made to suit your lifestyle,” NCBA states.
The facility is structured to accommodate both salaried individuals and customers with other dependable sources of income, making it accessible to a wider range of borrowers.
To qualify, applicants must demonstrate a reliable source of income. This may include a salary or other consistent earnings, which are verified through bank statements.
The verification process helps ensure borrowers receive loan amounts that match their financial ability, promoting responsible borrowing and sustainable repayment.
The loan is available in multiple currencies, including Kenya shillings, US dollars, Sterling pounds and euros.
This gives customers flexibility to borrow in the currency that best suits their financial obligations, particularly those with income or expenses denominated in foreign currencies.
Borrowers can access financing starting from Sh50,000, making the facility suitable for both modest and substantial financial needs.
Rather than imposing a fixed upper borrowing limit, the maximum amount available is determined by an individual’s repayment capacity.
This approach enables customers to secure financing that aligns with their income while reducing the risk of over-borrowing.
NCBA also offers competitive interest rates, helping customers manage the overall cost of borrowing. In addition, interest is calculated on a reducing balance basis, meaning interest is charged only on the outstanding loan balance after each repayment.
As the principal amount declines over the repayment period, the interest payable also reduces, allowing borrowers to save on financing costs compared to loans where interest is charged on the original principal throughout the loan term.
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