Mwananchi Credit Logbook Loan Details

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.

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