Total Cost Breakdown (Loan Fees):
- Monthly Interest Tiers:
* 3 months: 10 % per month
* 4-24 months: 3.5% per month
- Processing Fee: 5% of principal
- Insurance: 1% of principal
Additional Third-Party Fees:
Pre-approval Fees:
- Valuation: ksh4000
- CRB Check: ksh500
Other Fees:
- NTSA Logbook Search: ksh550
- Logbook In-charge: ksh3000
- Car Tracker Installation: ksh7,500
- Legal fees: ksh500
- Bank disbursement fee: ksh1000
- Monthly car tracker fee: ksh2,000
Loan structure
- Type: Secured
- Interest structure: Flat Rate
Loan Details
- % Financed: Up-to 60% of FSV
- Year of Manufacture cut-off: 2005
- Maximum tenure tenure: 24 Months
- Minimum Amount: ksh100,000
- Max amount: ksh25,000,000
- Repayment Frequency: Monthly
- Early repayment: Allowed, not charged
- Late fees: 5% weekly (of installment balance)
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
Representative Example of Loan Costs:
- Example Loan Amount: Ksh100,000
- Example Loan Tenure: 12 months
- Representative APR: 36%
- Processing fee: ksh5,000
- Insurance : khs1,000
- Total Third-Party Fees (See Cost Breakdown): ksh16,500
- Total Loan Repayment Amount: ksh152,500
- Monthly Loan Repayments: ksh11,333
This Product is provided by Mwananchi Credit. Mwananchi Credit is a Non-deposit taking Microfinance Institution duly registered under the Companies Act No 17 of 2015.