Kifedha Credit Auto Logbook Loan Details

Rates available from as of 1st April 2021
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Kifedha Credit

Auto Logbook Loan
Easy Apply
Amount
Ksh50k - 1M (50% of vehicle)
Duration
3 months - 18 months
Interest Rate
5% per month
Total Cost Including Institution's Other Fees
5.03% - 6.6% per month + ksh5,550 additional fees
Typically approved within 24 Hours
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Easy Apply

Loan Type

Logbook Loan

Total Cost Breakdown (Loan Fees):

  • Monthly Interest: 5%
  • Processing fee: ksh2400 for loans below 500K and ksh4800 for loans above 500k
Additional Third-Party Fees:

Pre-approval Fees:

  • Valuation: ksh3,000 for cars below 500k and ksh4000 for cars above 500K

Other Fees:

  • NTSA Search: ksh550
  • NTSA In-charge: ksh2000
  • Car Tracker: ksh3000
  • Legal fees: ksh4500

Representative Example of Loan Costs:

  • Example Loan Amount: Ksh500,000
  • Example Loan Tenure: 12 months
  • Representative APR: 60%
  • Total Third-Party Fees (See Cost Breakdown above): Ksh5,550
  • Total Loan Repayment Amount: Ksh800,000
  • Monthly Loan Repayments: Ksh66,667

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • % Financed: Up-to 50% of FSV
  • Minimum tenure: 1 Month
  • Max tenure: 18 Months
  • Minimum Amount: ksh50,000
  • Max amount: ksh1,000,000
  • Repayment Frequency: Monthly

Documents

  • Vehicle Original Logbook and copy
  • Original ID
  • 2 Passport photos
  • 2 blank but signed motor vehicle ownership transfer forms
  • 6 months bank statements
  • Latest utility bill or rental lease for proof of residential address
  • Execution of a chattels mortgage
  • Valuation report and vehicle's photograph
  • comprehensive insurance

Money254 Review

Pros

  • Cars of any age eligible for financing
  • Loan duration up to 18 months

Cons

  • Relatively high monthly interest of 5%

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