Total Cost Breakdown (Loan Fees):
- Monthly Interest tiers:
*6 Months - 4.5%
*12 Months -3.8%
*18 Months- 3.5%
- Processing Fee: 4%
Additional Third-Party Fees:
Pre-approval Fees:
Other Fees:
- NTSA Logbook In-charge: ksh1,175
- Car Tracker: ksh1800 per month
- Car tracker Installation: ksh1,800
- Legal fees: ksh1,000
Loan structure
- Type: Secured
- Interest structure: Flat rate
Loan Details
- % Financed: Up-to 75% of FSV
- Year of Manufacture cut-off: 2008
- Minimum tenure: 6 Months
- Max tenure: 18 Months
- Minimum Amount: ksh50,000
- Max amount: ksh20,000,000
- Repayment Frequency: Monthly
- Early repayment: Allowed, not charged
- Late fees: 0.55% daily (of installment balance)
Documents
- Original Logbook
- Valid Driver's license
- Post dated cheques for the loan term
- 6 Months Bank Statements
- KRA Pin
- National ID
Representative Example of Loan Costs:
- Example Loan Amount: Ksh100,000
- Example Loan Tenure: 12 months
- Representative APR: 45.6%
- Total Third-Party Fees (See Cost Breakdown): ksh7,175
- Total Loan Repayment Amount: ksh166,200
- Monthly Loan Repayments: ksh11,833
This product is provided by IZWE Loans. IZWE Loans is a Non-deposit taking Microfinance Institution duly registered under the Companies Act No 17 of 2015.