NCBA Bank has reportedly introduced a new feature known as auto-sweep. This new feature is aimed at improving loan repayments for its customers.
According to the bank, the unique feature is designed to ensure timely payments and help NCBA Bank clients avoid defaulting on their loans.
How NCBA Bank AutoSweep Works
For the auto sweep to work, the bank will automatically transfer money from clients’ other accounts when the repayment period lapses. The bank states that this will allow its customers to easily pay loans and avoid defaulting.
“If your primary account does not have sufficient funds to cover your loan repayment on the due date, the auto sweep feature will automatically transfer the required amount from your alternative accounts (such as savings or other linked accounts) to your primary loan repayment account.”
The transfer will occur automatically, ensuring that loan repayments are made on time. It also ensures that any late payment fees or penalties are avoided.
Also Read: NCBA Introduces New Services to Protect Group Investments
Benefits for NCBA Customers
This new feature offers several advantages to NCBA Bank clients:
- Convenience: Customers no longer need to remember to make manual transfers for loan repayments
- Risk Mitigation: By automating the process, the chance of missing a payment is significantly lowered
- Credit Score Protection: Timely payments help maintain a positive credit history
- Peace of Mind: Clients can relax knowing their loan obligations are being met automatically.
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