Business Loans

Bashy African Credit Limited Logbook Loan Details

Rates available from as of 1st April 2021
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Bashy African Credit Limited

Logbook Loan
Amount
Ksh50k - 600k (80% of vehicle)
Duration
1 month - 12 months
Total Cost
10.4% - 15% per month + ksh27,500 additional fees
Typically approved within 2 Hours
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Total Cost Breakdown (Loan Fees):

  • ‍‍Monthly Interest: 10%
  • Processing Fee: 5%

Additional Third Party fees:

Pre-approval Fees:

  • Valuation(+logbook In-charge): ksh4500

Other Fees:

  • Car Tracker: ksh20k
  • Disbursement fee: nil

Representative Example of Loan Costs:

  • Example Loan Amount: Ksh100,000
  • Example Loan Tenure: 12 months
  • Representative APR: 120%
  • Total Third-Party Fees (See Cost Breakdown): Ksh24,500
  • Total Loan Repayment Amount: Ksh247,500
  • Monthly Loan Repayments: Ksh18,333

Loan structure‍

  • Type: Secured
  • Interest structure: Reducing balance

Loan  Details‍

  • % Financed: Up to 80% of FSV
  • Minimum tenure: 1 Month
  • Max tenure: 12 Months
  • Minimum Amount: ksh50,000
  • Max amount: ksh600,000
  • Repayment Frequency: Monthly

Documents

  • Original logbook
  • Original national ID
  • KRA PIN
  • 2 passport photos
  • Comprehensive Insurance cover

Money254 Review

Pros

  • Quick loan processing time (2 hours)
  • Interest on Reducing balance
    ‍

Cons

  • Legal fees charged ksh3000
  • Car tracking device relatively expensive(20k upfront or 5k per month)

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