Total Cost Breakdown (Loan Fees):
- Monthly Interest: 2-4%
- Processing fee: 2% of the loan amount
Additional Third-Party Fees:
Pre-approval Fees:
Other Fees:
- NTSA In-charge & transfer: ksh2000
- Car Tracker installation: ksh2000
- Monthly Tracker Maintenance Fee Ksh1000
- Logbook search: ksh800
Loan structure
- Type: Secured
- Interest structure: Flat rate
Loan Details
- % Financed: Up-to 80% of FSV
- Year of Manufacture cut-off: 2005
- Minimum tenure: 3 Month
- Max tenure: 24 Months
- Minimum Amount: Ksh100,000
- Max amount: Ksh3,000,000
- Repayment Frequency: Monthly
- Early Repayment: Allowed, not charged
- Late fees N/A
Documents
- Original ID
- Kra pin
- 6 months bank statement
- 6 months M-pesa statement
- Proof of income
- Original Logbook
If Company (+ above)
- Certificate of incorporation
- CR12
- Consent to borrow
Representative Example of Loan Costs:
- Example Loan Amount: Ksh100,000
- Example Loan Tenure: 12 months
- Representative APR: 66% for 4% 42% for 2% interest rate
- Total Third-Party Fees (See Cost Breakdown above): Ksh7,800
- Total Loan Repayment Amount: Ksh166,800
- Monthly Loan Repayments: Ksh13,900
This product is provided by Bayes Microfinance. Bayes Microfinance is the trading name for Pi Capital Limited which is a Non-deposit taking Microfinance Institution duly registered under the Companies Act No 17 of 2015.