Total Cost Breakdown (Loan Fees)
- Monthly Interest: 4%
- Processing Fee: 4%
- Credit Life insurance: 0.37% - 0.5% of Principal
- Monthly Tracker fee: ksh1,700
Pre-Approval upfront fees:
Additional Third-Party fees
- Valuation: ksh2,700 - ksh4,200
- NTSA In-charge: ksh1,175
- Logbook Discharge: ksh1,175
- Car Tracker installation: ksh5,000
- Chattel Registration: ksh1,050
- Post Logbook Search fee: ksh750
- Car tracker Monthly fee: ksh1,700
Loan structure
- Type: Secured
- Interest structure: Flat rate
Loan Details
- % of car Financed: Up to 60% of FSV
- Year of Manufacture cut-off: 2000
- Minimum tenure: 3 Months
- Max tenure: 24 Months
- Minimum Amount: ksh70,000
- Max amount: ksh2,500,000
- Repayment Frequency: Monthly
- Early Repayment: Allowed, and not charged.
- Late fees: 0.33% daily (of the installment balance)
Documents
- Original Logbook
- 6 months M-pesa Statements
- 6 Months Bank Statements
- KRA Pin
- National ID
- Passport photo
Representative Example of Loan Costs:
- Example Loan Amount: Ksh100,000
- Example Loan Tenure: 12 months
- Representative APR:68%
- Total Third-Party Fees (See Cost Breakdown):
- Total Loan Repayment Amount: Ksh168,396
- Monthly Loan Repayments: Ksh14,033
This product is provided by Platinum Credit Limited. Platinum Credit Limited is a Non-deposit taking Microfinance Institution duly registered under the Companies Act No 17 of 2015.
.jpg)
