MyCredit Limited Logbook Loan details

Rates available from as of 1st April 2021
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MyCredit Limited

Logbook Loan
Amount
ksh100k - 10M (60% of vehicle)
Duration
3 months - 24 months
Total Cost
5.23% - 6.83% per month + ksh7,800 additional fees
Typically approved within 24 Hours
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Total  Cost breakdown (Loan fees)

  • Monthly Interest: 5%
  • Processing Fee: 3%
  • Insurance fee: 2.5%

Additional Third-Party Fees:

Pre-approval

  • Valuation: ksh3500 small car/5500 big car

Other Fees

  • Disbursement fee: ksh1000
  • Member fee: ksh1000
  • NTSA Logbook Search: ksh550
  • NTSA Logbook In-charge: ksh
  • Car Tracker: 2000 per month

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • % Financed: Up to 60% of FSV
  • Minimum tenure: 3 Months
  • Max tenure: 24 Months
  • Minimum Amount: ksh100,000
  • Max amount: ksh10,000,000
  • Repayment Frequency: Monthly

Documents

  • Original Logbook and
  • 6 months M-pesa Statements
  • 6 Months Bank Statements
  • KRA Pin
  • National ID
  • Passport photo
  • Valuation report

Representative Example of Loan Costs:

  • Example Loan Amount: ksh500,000
  • Example Loan Tenure: 12 months
  • Representative APR: 54%
  • Total Third-Party Fees (See Cost Breakdown above): ksh6,050
  • Total Loan Repayment Amount: Ksh771,240
  • Monthly Loan Repayments: Ksh64,270

Money254 Review

Pros

  • No limitations to age of car

Cons

  • All third-party fees paid upfront

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MyCredit logbook loans are designed for individuals who own vehicles. MyCredit offers logbook loans that cover up to 60% of your car's value. As of May 2022, MyCredit has branches in Nairobi, Kericho, Meru, Naivasha, Narok, Nyeri, Nakuru, Eldoret, Thika, and Mombasa.

Who is Eligible for MyCredit Logbook Loan?

MyCredit Logbook Loan Security/Collateral

MyCredit Logbook Loan Limits and Interest Rates

Total Upfront Fees

MyCredit Logbook Loan Interest Structure

MyCredit Logbook Loan Interest Structure

How to Apply for Your First MyCredit Logbook Loan

How to Make MyCredit Logbook Loan Repayments

Contacts

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