Hakki Car Finance Logbook Loan: Product Details and How to Apply

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Hakki Car Finance

Logbook Loan

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View the Loan Breakdown

Loan Amount

Up to 50% of vehicle

Loan Period

3 months - 2 years

Interest Rate

3.1% per month

Total Cost
(incl fees)

3.18% - 4.77% per month

Total Loan Cost Breakdown

‍‍Monthly Interest: 3.1%
Application fees: ksh20,000 for loans below 150K and ksh30,000 for loans above 150k
Logbook In-charge + Discharge: Free
Car Tracker: Free

Pre-Approval fees:

Valuation: ksh3000

Loan structure‍

Type: Secured
Interest structure: Reducing balance

Loan Details‍

% Financed: Up-to 50% of FSV
Year of Manufacture cut-off: 2010
All vehicle makes accepted
Minimum tenure: 3 Months
Max tenure: 24 Months
Minimum Amount: ksh100,000
Max amount: ksh1,500,000
Repayment Frequency: Monthly
Early Repayment: Allowed

Documents

Original Logbook
6 months M-pesa or Bank Statements
KRA Pin
National ID
Pay slip if employed
Business certificate if Self employed

Representative Example of Loan Costs

‍‍Example Loan Amount: Ksh100,000
Example Loan Tenure: 12 months
Representative APR: 37.2%
Application fees: ksh20,000
Other Fees: ksh9,808
Total Loan Repayment Amount: Ksh167,008
Monthly Loan Repayments: ksh13,924

This product is provided by Hakki Africa. Hakki Africa is a Non-deposit taking Microfinance Institution duly registered under the Companies Act No 17 of 2015.

Pros

Relatively low monthly interest(3.1% )
Interest on Reducing balance

Cons

Relatively high application fees of ksh20k to ksh30k

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