Mwananchi Credit Matatu Loan Financing Product Details

Rates available from as of 1st April 2021
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Mwananchi Credit

Matatu Loan Financing
Easy Apply
Amount
Up to 50% of PSV forced sale value
Duration
1 month - 2 years
Interest Rate
3.5% per month
Total Cost Including Institution's Other Fees
6.21% - 11% per month + 4k upfront fees
Typically approved within 48 Hours
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Easy Apply

Loan Type

Car Loan

Loan Cost

  • Monthly Interest: 6%
  • Processing Fee: 4%
  • Application fee: 1%
  • Insurance: 1%
  • Late fees: 5% of monthly installment

Additional Third-Party Fees:

Pre-approval Fees:

  • Valuation: ksh4000
  • CRB Check: ksh500

Other 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

  • Car Age: Maximum 10 years
  • % Financed: 50% of Forced Sale Value
  • Minimum tenure: 1 Month
  • Max tenure: 24 Months
  • Min Amount: ksh100,000
  • Max amount: ksh25M
  • Repayment Frequency: Monthly

Documents

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

Money254 Review

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.

Who is Eligible for Mwananchi Credit Matatu Loan Financing?

Mwananchi Credit Matatu Loan Financing Security/Collateral 

Mwananchi Credit Matatu Loan Financing Limits and Interest Rates

Total Upfront Fees

Mwananchi Credit Matatu Loan Financing Interest Structure

Estimated Total Minimum and Maximum Monthly Cost of Mwananchi Credit Matatu Loan Financing

How to Apply for Your First Mwananchi Credit Matatu Loan Financing

How to Make Mwananchi Credit Matatu Loan Financing Repayments

Contacts

Definition of Terms

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