Mwananchi Credit Matatu Loan Financing Product Details

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Good financing opportunity for Matatus less than 10 years old

Mwananchi Credit

Matatu Loan Financing

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View the Loan Breakdown

Loan Amount

Up to 50% of PSV forced sale value

Loan Period

3 months - 2 years

Interest Rate

6% per month

Total Cost
(incl fees)

6.21% - 7.67% per month + 4k upfront fees

Loan Cost

‍‍Monthly Interest: 6%
Processing Fee: 4%
Application fee: 1%
Insurance: 1%

Pre-approval Fees:

Valuation: ksh4000
CRB Check: ksh500

Additional Third-Party Fees:

NTSA Logbook Search: ksh550
Car Tracker: ksh4,000
Logbook In-charge: As per NTSA Tariff

‍Loan structure

Type: Secured
Interest structure: Reducing Balance

Loan Details

% Financed: 50% of Forced Sale Value
Year of Manufacture cut-off: 2010
Maximum tenure: 24 Months
Min Amount: ksh100,000
Max amount: ksh25M
Repayment Frequency: Monthly
Early Repayment: Allowed
Late fees: 5% weekly (of installment balance)

Documents

KRA Pin
ID
6 months M-pesa statements
6 Months Bank statements
2 Passport Photos
proforma Invoice

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
Total Loan Repayment Amount: ksh152,500
Monthly Loan Repayments: ksh11,333

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

Willing to Finance Matatus and Buses newer than 10 years of age.

Cons

Will finance only 50% of the matatu's forced sale value.
Your CRB status is checked to understand your paying habits, although a negative listing will not automatically disqualify you from receiving the loan.

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Mwananchi Credit Matatu Loan is financing given to individuals who want to acquire a matatu and pay it back in small installments as it earns you money. Mwananchi credit provides financing of up to 50% of the forced sale value of the matatu.

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