Total Cost Breakdown (Loan Fees):
- Monthly Interest Tiers:
* 2-4 % per month
- Processing Fee: 4% of principal
- Credit Insurance: 3% of principal
Additional Third Party Fees:
Pre-approval Fees:
Other Fees:
- Logbook Search: Ksh580
- Logbook In-charge:Ksh1,175
- Car Tracker Installation: ksh2,500
- Legal fees: ksh2,500
- Bank disbursement fee: ksh1000
- Monthly car tracker fee: ksh2,500
Loan structure
- Type: Secured
- Interest structure: Flat Rate
Loan Details
- % Financed: Up-to 50% of FSV
- Year of Manufacture cut-off: 2007
- Maximum tenure tenure: 24 Months
- Minimum Amount: ksh50,000
- Max amount: ksh6,000,000
- Repayment Frequency: Monthly
Documents
- Original Logbook
- KRA Pin of Applicant
- National ID of Applicant
- 2 Passport Photos
- 6 months Bank statements
- 6 months M-pesa statements
- Comprehensive Insurance Certificate
- Cheque book
This Product is provided by Choice Bank. Choice Microfinance Bank is a deposit taking Microfinance bank that is licensed and regulated by the Central Bank of Kenya.
