Total Cost Breakdown (Loan Fees):
- Monthly Interest: 5%
- Processing fee: ksh2400 for loans below 500K and ksh4800 for loans above 500k
Additional Third-Party Fees:
Pre-approval Fees:
- Valuation: ksh3,000 for cars below 500k and ksh4000 for cars above 500K
Other Fees:
- NTSA Search: ksh600
- NTSA In-charge & transfer: ksh4000
- Car Tracker installation: ksh3000
- Legal fees: ksh4500
- Logbook search: ksh2000
Loan structure
- Type: Secured
- Interest structure: Flat rate
Loan Details
- % Financed: Up-to 50% of FSV
- Year of Manufacture cut-off: 2005
- Minimum tenure: 1 Month
- Max tenure: 18 Months
- Minimum Amount: ksh50,000
- Max amount: ksh1,000,000
- Repayment Frequency: Monthly
- Early Repayment: Allowed, not charged
- Late fees: 10% monthly (on installment balance)
Documents
- Vehicle Original Logbook and copy
- Original ID
- 2 Passport photos
- 2 blank but signed motor vehicle ownership transfer forms
- 6 months bank statements
- Latest utility bill or rental lease for proof of residential address
- Execution of a chattels mortgage
- Valuation report and vehicle's photograph
- comprehensive insurance
Representative Example of Loan Costs:
- Example Loan Amount: Ksh100,000
- Example Loan Tenure: 12 months
- Representative APR: 60%
- Total Third-Party Fees (See Cost Breakdown above): Ksh5,550
- Total Loan Repayment Amount: Ksh166,050
- Monthly Loan Repayments: Ksh13,333
This product is provided by Kifedha Credit Limited. Kifedha Credit Limited is a Non-deposit taking Microfinance Institution duly registered under the Companies Act No 17 of 2015.
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