Bayes Logbook Loan: Product Details and How to Apply

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Bayes Microfinance
Logbook Loan
Loan Amount
Upto 80% of Vehicle
Loan Period
3-24 months
Interest Rate
2%
Total Cost
(incl fees)
2% - 4% per month
Product Details
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Total Cost Breakdown (Loan Fees):

  • Monthly Interest: 2-4%
  • Processing fee: 2% of the loan amount
Additional Third-Party Fees:

Pre-approval Fees:

  • Valuation: ksh3,000

Other Fees:

  • NTSA In-charge & transfer: ksh2000
  • Car Tracker installation: ksh2000
  • Monthly Tracker Maintenance Fee Ksh1000
  • Logbook search: ksh800

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • % Financed: Upto 80% of FSV
  • Year of Manufacture cut-off: 2005
  • Minimum tenure: 3 Month
  • Max tenure: 24 Months
  • Minimum Amount: Ksh100,000
  • Max amount: Ksh3,000,000
  • Repayment Frequency: Monthly
  • Early Repayment: Allowed, not charged
  • Late fees N/A

Documents

  • Original ID
  • Kra pin
  • 6 months bank statement
  • 6 months M-pesa statement
  • Proof of income
  • Original Logbook

If Company (+ above)

  • Certificate of incorporation
  • CR12
  • Consent to borrow

Representative Example of Loan Costs:

  • Example Loan Amount: Ksh100,000
  • Example Loan Tenure: 12 months
  • Representative APR: 66% for 4% 42% for 2% interest rate
  • Total Third-Party Fees (See Cost Breakdown above): Ksh7,800
  • Total Loan Repayment Amount: Ksh166,800
  • Monthly Loan Repayments: Ksh13,900

This product is provided by Bayes Microfinance. Bayes Microfinance is the trading name for Pi Capital Limited which is a Non-deposit taking Microfinance Institution duly registered under the Companies Act No 17 of 2015.

Our Review
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Pros

  • No legal and logbook transfer not charged
  • Loan duration up to 24 months with low interest rates of 2% - 4%

Cons

  • Monthly Tracker Maintenance Fee of Ksh1000

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Money254 strives to provide relevant and accurate product information, which Money254 obtains directly from each institution’s tariff guide. If you believe a product’s details are incorrect, please report the product to Money254.

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