Mwananchi Credit Logbook Loan: Product Details and How to Apply

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Mwananchi Credit

Logbook Loan

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View the Loan Breakdown

Loan Amount

Up to 60% of vehicle

Loan Period

3 months - 2 years

Interest Rate

3% - 6% per month

Total Cost
(incl fees)

3.79% - 12.33% per month

Total Cost Breakdown (Loan Fees):

‍‍Monthly Interest Tiers:

3 months: 10% per month
4 months +: 3.5% per month

Other Fees:

Processing Fee: 5%
Insurance fee: 1%

Pre-approval Fees:

Valuation: ksh4000
CRB Check: ksh500

Additional Third-Party Fees:

NTSA Logbook Search: ksh550
Logbook In-charge: ksh3000
Car Tracker Installation: ksh7,500
Car Tracker maintenance: ksh4,000
Legal fees: ksh500
Bank disbursement fee: ksh1000

Loan structure‍

Type: Secured
Interest structure: Flat Rate

Loan Details‍

% Financed: Up-to 60% of FSV
Year of Manufacture cut-off: 2005
All vehicle makes accepted
Maximum tenure: 24 Months
Minimum Amount: ksh100,000
Max amount: ksh25,000,000
Repayment Frequency: Monthly
Early Repayment: Allowed, not charged
Late fees: 5% weekly (of installment balance)

Documents

Original Logbook
KRA Pin of Applicant
National ID of Applicant
2 Passport Photos
6 months Bank statements
6 months M-pesa statements
Comprehensive Insurance Certificate
Cheque book

Representative Example of Loan Costs:

Example Loan Amount: Ksh100,000
Example Loan Tenure: 12 months
Representative APR: 36%
Processing fee: ksh5,000
Total Third-Party Fees (See Cost Breakdown): ksh16,500
Monthly Loan Repayments: ksh11,333
Total Loan Repayment Amount: ksh152,500

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

Pros

Quick loan processing (6 hours)
Access to other credit options like weekend loan

Cons

Relatively high Third-Party fees (ksh16500)

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Mwananchi Credit logbook loans are designed for individuals who own vehicles. Mwananchi Credit offers logbook loans that cover up to 50% of your car's value. As of May 2022, Mwananchi Credit has branches in Nairobi, Mombasa, Nakuru, Eldoret, Thika, and Kisumu.

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