Ngao Credit Auto Logbook Loan Details

Total Cost Breakdown (Loan Fees):

• ‍‍Monthly Interest: 3.5%
• Processing Fee: 2%
• Credit Insurance: 0.19% of Principal * duration

Additional Third-Party Fees:

Pre-approval Upfront Fees:

• Valuation:ksh3,000
• NTSA Logbook Search: ksh3000

Other Fees:

• NTSA Logbook In-charge+ Discharge: ksh3,675
• Car Tracker: ksh4,000
• Monthly Tracker fee: ksh2,000

Loan structure‍

• Type: Secured
• Interest structure: Flat rate

Loan  Details‍

• CRB status not Checked
• % Financed: Up to 60% of FSV
• Year of Manufacture cut-off: 2005
• Minimum tenure: 3 Months
• Max tenure: 18 Months
• Minimum Amount: ksh100,000
• Max amount: ksh5,000,000
• Repayment Frequency: Monthly
• Early repayment: Allowed, not charged

Documents

• Original Logbook
• 6 Months Bank Statements
• KRA Pin
• National ID
• Post dated cheques for the duration of the loan

Representative Example of Loan Costs:

• Example Loan Amount: ksh100,000
• Example Loan Tenure: 12 months
• Representative APR: 42%
• Total Third-Party Fees (See Cost Breakdown): ksh13,675
• Total Loan Repayment Amount: ksh142,000
• Monthly Loan Repayments: ksh11,833

This product is provided by Ngao Credit. Ngao Credit is a Non-deposit taking Microfinance institution duly registered under the Companies Act No 17 of 2015.

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