Ngao Credit Auto Logbook Loan Details

Rates available from as of 1st April 2021
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Ngao Credit

Auto Logbook Loan
Amount
Ksh100k - 5M (60% of vehicle)
Duration
3 months - 2 years
Total Cost
3.6% - 5.5% per month + ksh13,675 additional fees
Typically approved within 6 Hours
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Total Cost Breakdown (Loan Fees):

  • Monthly Interest: 3.5%
  • Processing Fee: 2%

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

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • CRB status not Checked
  • % Financed: Up to 60% of FSV
  • Minimum tenure: 3 Months
  • Max tenure: 18 Months
  • Minimum Amount: ksh100,000
  • Max amount: ksh5,000,000
  • Repayment Frequency: Monthly

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

Money254 Review

Pros

  • Quick Loan processing (6hrs)
  • CRB status not checked
  • Up-to 60% of value of car financed

Cons

  • Relatively high Third-Party Fees (ksh13,675)

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Ngao Credit logbook loans are designed for individuals who own vehicles. Ngao offers logbook loans that cover up to 60% of your car's value for vehicles not older than 15 years. As of May 2022, Ngao Credit has branches in Nairobi, Nakuru, Eldoret, Thika, and Mombasa.

Who is Eligible for Ngao Credit Logbook Loan?

Ngao Credit Logbook Loan Security/Collateral

Ngao Credit Logbook Loan Limits and Interest Rates

Total Upfront Fees

Ngao Credit Logbook Loan Interest Structure

Ngao Credit Logbook Loan Interest Structure

How to Apply for Your First Ngao Credit Logbook Loan

How to Make Ngao Credit Logbook Loan Repayments

Contacts

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