Situ Logbook Loan Details

Rates available from as of 1st April 2021
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Situ

Logbook Loan
Amount
Ksh100k - 2M (65% of vehicle)
Duration
1 month - 2 years
Total Cost
2.7% - 5.1% per month + ksh11,150 additional fees
Typically approved within 24 hours
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Total Cost Breakdown (Loan Fees):

  • Monthly Interest: 2.6%
  • Processing Fee: 2.5%
  • Valuation: ksh3250
  • Logbook Discharge: Free
  • Car Tracker: ksh7,900

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • % Financed: Up to 65% of FSV
  • Minimum tenure: 1 Month
  • Max tenure: 24 Months
  • Minimum Amount: ksh100,000
  • Max amount: ksh2,000,000
  • Repayment Frequency: Monthly

Documents

  • Original Logbook
  • National ID
  • KRA Pin
  • Cheque Book
  • 6 Months Mpesa Statements
  • 6 Months Bank Statements

Representative Example of Loan Costs:

  • Example Loan Amount: Ksh100,000
  • Example Loan Tenure: 12 months
  • Representative APR: 31.2%
  • Total Third-Party Fees: ksh7,900
  • Total Loan Repayment Amount: Ksh131,200
  • Monthly Loan Repayments: Ksh10,933

Money254 Review

Pros

  • Finance Up to 65% of FSV
  • Relatively low monthly interest rates (2.6%)

Cons

  • Additional fees relatively high (ksh11,150)

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