Kifedha Credit Local Car Finance: Product Details & How to Apply

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Kifedha Credit
Local Car Finance
Loan Amount
Up to 50% of car's forced sale value
Loan Period
3 months- 2 years
Interest Rate
5%
Total Cost
(incl fees)
5% per month + ksh3,000 upfront fees
Product Details
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Loan Cost

  • Monthly Interest: 5%
  • Processing Fee: ksh2400 for loans below 500k and 4800 for loans above 500k
  • Insurance: 0

Additional Third-party fees:

  • Valuation:ksh3000
  • Logbook In-charge: ksh2000
  • Car Tracker Installation: ksh3000
  • Logbook Search: ksh2000

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • % Financed: 50% of FS Value
  • Year of Manufacture cut-off: 2005
  • Maximum tenure: 24 Months
  • Min Amount: ksh100k
  • Max amount: ksh1M
  • Repayment Frequency: Monthly
  • Early Repayment: Allowed
  • Late fees: 10% monthly (of installment balance)

Documents

  • KRA Pin
  • ID
  • Original Logbook
  • Sales Agreement
  • 6 months Mpesa statements
  • 6 Months Bank statements
  • 6 months pay slips if employed
  • Detailed physical address

Representative Example of Loan Costs:

  • Example Loan Amount: Ksh100,000
  • Example Loan Tenure: 12 months
  • Representative APR: 60%
  • Total Third-Party Fees (See Cost Breakdown): Ksh10,000
  • Total Loan Repayment Amount: Ksh160,000
  • Monthly Loan Repayments: Ksh13,334

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

Our Review
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Pros

  • Will finance from an individual or dealerships.
  • No restriction on Car age

Cons

  • Finance 50% of FSV
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Kifedha Credit Asset 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 forced sale value.

Who is Eligible for Kifedha Credit Asset Finance?

Kifedha Credit Asset Finance Security/Collateral 

Kifedha Credit Asset Finance Loan Limits and Interest Rates

Total Upfront Fees

Other Fees

Kifedha Credit Asset Finance Interest Structure

Estimated Total Minimum and Maximum Monthly Cost of Kifedha Credit Asset Finance

How to Apply for Your First Kifedha Credit Asset Finance

How to Make Kifedha Credit Asset Finance Loan Repayments

Kifedha Credit Asset Finance Late Fees and Penalties

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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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