Hakki Local Car Finance: Product Details & How to Apply

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Good for people with good credit who do not want to pay upfront fees

Hakki Car Finance

Local Car Finance

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View the Loan Breakdown

Loan Amount

Up to 80% of car's market value

Loan Period

3 months - 4 years

Interest Rate

2.57% per month

Total Cost
(incl fees)

2.57% - 3.16% per month

Loan Cost

‍‍Minimum Monthly Interest: 2.57% (for 70% and below financing)
Maximum Monthly interest: 3.16% (for 80%- 71% financing)
Processing Fee: ksh30,000 for loans above ksh150,000

Post-approval fees

Valuation: ksh3000

‍Loan structure

Type: Secured
Interest structure: Reducing balance

Loan Details

% Financed: Up-to 80% of Market Value
Mileage: Maximum 150k KM
Year of Manufacture cut-off: 2008
Minimum tenure: 1 Month
Max tenure: 60 Months
Min Amount: ksh100,000
Max amount: ksh3,000,000
Repayment Frequency: Monthly
Early Repayment allowed

Documents

KRA Pin
ID
6 months Mpesa statements
6 Months Bank statements
6 months payslips if employed
Employment letter
Detailed physical address

Representative Example of Loan Costs

‍‍Example Loan Amount: Ksh100,000
Example Loan Tenure: 12 months
Representative APR: 37.2%
Application fees: ksh20,000
Estimated Total Loan Repayment Amount: Ksh167,088
Estimated 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

Will Finance up to 80% of Market value of the car.
Can finance from a dealership or individual

Cons

Car mileage should not exceed 150k KM
Car should not be older than 15 years

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Hakki Local Car Finance is financing given to individuals who wish to purchase a personal/ private use vehicle. They offer car financing of up to 50% of the car’s market value.

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