MyCredit Limited Logbook Loan details

Rates available from as of 1st April 2021
Customise your results to find loans you're eligible for by answering 5 more questions
Customize Results
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.

MyCredit Limited

Logbook Loan
Easy Apply
Amount
ksh100k - 10M (60% of vehicle)
Duration
3 months - 24 months
Interest Rate
5% per month
Total Cost Including Institution's Other Fees
5.23% - 6.83% per month + ksh6,050 additional fees
Typically approved within 24 Hours
Easy Apply
visit website

Loan Type

Logbook Loan

Total  Cost breakdown (Loan fees)

  • Monthly Interest: 5%
  • Processing Fee: 3%
  • Insurance fee: 2.5%

Additional Third-Party Fees:

Pre-approval

  • Valuation: ksh3500 small car/5500 big car

Other Fees

  • Disbursement fee: ksh1000
  • Member fee: ksh1000
  • NTSA Logbook Search: ksh550
  • Car Tracker: 2000 per month

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 above): ksh6,050
  • Total Loan Repayment Amount: Ksh166,050
  • Monthly Loan Repayments: Ksh13,333

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • % Financed: Up to 60% of FSV
  • Minimum tenure: 3 Months
  • Max tenure: 24 Months
  • Minimum Amount: ksh100,000
  • Max amount: ksh10,000,000
  • Repayment Frequency: Monthly

Documents

  • Original Logbook
  • 6 months M-pesa Statements
  • 6 Months Bank Statements
  • KRA Pin
  • National ID
  • Passport photo
  • Valuation report

Money254 Review

Pros

  • No limitations to age of car

Cons

  • All third-party fees paid upfront

See more Personal Loans available in Kenya on Money254

From short-term app loans to long-term bank loans, we have aggregated all of the unsecured Personal Loans from Kenya's top financial institutions.

See All Personal Loans

Welcome to Money254!

Money 254 is a new platform focused on helping you make more out of the money you have. We've created a simple, fast and secure way to find and compare financial products that best match your needs. All of the information shown is from products available at established financial institutions that our team of experts has tirelessly collected. Instantly search loan products from established providers in Kenya and compare on the terms that matter most to you.

Explore All Products On Money254

Stay up to date with your money - sign up for our newsletter today.

Get updates from the Money254 team on financial news and new Money254 features.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.