Jijenge Credit Ltd Logbook Loan Product Details

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Jijenge Credit Ltd
Logbook Loan
Loan Amount
Up to 80% of vehicle
Loan Period
1 month - 2 years
Interest Rate
3.5% per month
Total Cost
(incl fees)
6.75% - 12.5% per month
Product Details
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Total Cost Breakdown (Loan Fees)

  • Min Monthly Interest: 3.5%
  • Max Monthly interest: 5%
  • Application Fee: 0
  • Processing Fee: 4%
  • Monthly Loan Maintenance fee: 3%
  • Credit Life insurance: 2% of Principal

Additional Third-Party fees

  • NTSA In-charge: ksh4,200
  • Logbook search: ksh2,000
  • Car Tracker Installation: ksh1,500
  • Car Tracker Maintenance fee: ksh3,000
  • Car Tracker removal fee: ksh1,500
  • Legal Fee: Ksh500
  • Valuation: Ksh2,500
  • Chattel registration: ksh0
  • Legal fee: ksh3000

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • % of car Financed: Up to 80% of FSV
  • Year of Manufacture cut-off: No Limit
  • All vehicle makes accepted
  • Minimum tenure: 1 Months
  • Max tenure: 24 Months
  • Minimum Amount: ksh50,000
  • Max amount: ksh10,000,000
  • Repayment Frequency: Monthly
  • Late fees: 30% monthly (of the installment balance)

Documents

  • Original Logbook
  • 6 months M-pesa Statements
  • 6 Months Bank Statements
  • KRA Pin
  • National ID
  • Passport photo

This product is provided by Jijenge Credit Limited. Jijenge Credit Limited 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 Valuation fees: For amounts less than ksh250,000
  • Auto Insurance: Accept vehicles with both Third-party and Comprehensive insurance

Cons:

  • Recurring Monthly fee: A monthly Loan Maintenance fee of 3% charged
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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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