MyCredit Limited Local Car Finance: Product Details & How to Apply

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MyCredit Limited

Local Car Finance

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View the Loan Breakdown

Loan Amount

Up to 60% of car's market value

Loan Period

3 months - 2 years

Interest Rate

4.5% per month

Total Cost
(incl fees)

4.6% - 7.5% per month + ksh3500 upfront fees

Loan Cost

‍‍Monthly Interest : 4.5%
Processing Fee: 3%
CRB Check: ksh300

Pre-approval Fees:

Valuation: ksh3500 small car/5500 big car

Additional Third-Party Fees:

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

Loan structure

‍‍Type: Secured
Interest structure: Flat rate

Loan Details

% Financed: Up-to 60% of Market Value
Year of Manufacture cut-off: 2013
Maximum tenure: 24 Months
Min Amount: ksh100,000
Max amount: ksh10,000,000
Repayment Frequency: Monthly
Early Repayment: Allowed
Late fees: 3% monthly (of installment balance)

Documents

Original Logbbok
KRA Pin
ID
6 months Mpesa statements
6 Months Bank statements
Sale Agreement
Profoma Invoice

Representative Example of Loan Costs:

Example Loan Amount: ksh500,000
Example Loan Tenure: 12 months
Representative APR: 54%
Total Third-Party Fees (See Cost Breakdown above): ksh6,050
Monthly Loan Repayments: Ksh64,270
Total Loan Repayment Amount: Ksh771,240

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

Pros

Will finance from an individual or dealership.
Financing Up-to 60% of MV

Cons

Cars should be not older than 8 years from Year of Manufacture

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MyCredit Asset Finance is financing given to individuals who wish to purchase a personal/ private use vehicle. They offer car financing of up to 60% of the car’s market value.

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