Mwananchi Credit Logbook Loan Details

Rates available from as of 1st April 2021
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Mwananchi Credit

Logbook Loan
Easy Apply
Amount
Ksh100k - 25M (Up-to 60% of vehicle)
Duration
3 months - 2 years
Interest Rate
1.6% - 3% per month
Total Cost Including Institution's Other Fees
3.79% - 12.33% per month + ksh4,500 upfront fees
Typically approved within 6 hours
visit website
Easy Apply

Loan Type

Logbook Loan

Total Cost Breakdown (Loan Fees):

  • Monthly Interest Tiers

              * 3 months: 10% per month

              * 4 -24 months: 3.5% per month

  • 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: ksh7,500
  • 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
  • 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.

Money254 Review

Pros

  • Quick loan processing (6hours)
  • 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.

Who is Eligible for Mwananchi Credit Logbook Loan?

Mwananchi Credit Logbook Loan Security/Collateral

Mwananchi Credit Logbook Loan Limits and Interest Rates

Other Fees

Total Upfront Fees

Mwananchi Credit Logbook Loan Interest Structure

Estimated Total Minimum and Maximum Monthly Cost of Mwananchi Credit Logbook Loan

How to Apply for Your First Mwananchi Credit Logbook Loan

How to Make Mwananchi Credit Logbook Loan Repayments

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