Ngao Credit Logbook Loan: Product Details and How to Apply

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Ngao Credit
Auto Logbook Loan
Loan Amount
Up to 60% of vehicle
Loan Period
3 months - 2 years
Interest Rate
3.5% per month
Total Cost
(incl fees)
3.6% - 7.5% per month + ksh6,000 Upfront fee
Product Details
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Total Cost Breakdown (Loan Fees):

  • Interest Tiers:
              *2 - 5 Months: 5.5% per month
              *6 -12 months: 5% per month
              *13-24 months: 3.5% per month
  • Processing Fee: 2%
  • Chattel Registration: ksh3,000
  • Credit Life Insurance: 0.19% of Principal * duration

Pre-Approval Fees:

  • Valuation: ksh3,000
  • NTSA Search: ksh3,000

Additional Third-Party Fees:

  • NTSA Logbook In-charge: ksh3,675
  • Car Tracker Installation: ksh4,000
  • Monthly tracker fee: ksh2,000

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • % Financed: Up to 60% of FSV
  • Year of Manufacture cut-off: 2004
  • Vehicle Makes not accepted: Vauxhall, Jeep, Chrysler, Porsche, Chevrolet, Peugeot, Audi, Volvo, Jaguar, Kia, Volkswagen, Suzuki
  • CRB Status: Not Checked
  • Minimum tenure: 3 Months
  • Maximum tenure: 24 Months
  • Minimum Amount: ksh100,000
  • Max amount: ksh5,000,000
  • Repayment Frequency: Monthly
  • Early Repayment: Allowed
  • Late fees: 6.5% weekly (of installment balance)

Documents

  • Original Logbook
  • 6 Months Bank Statements
  • KRA Pin
  • National ID
  • Post dated cheques for the duration of the loan

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): Ksh13,000
  • Monthly Loan Repayments: Ksh15,500
  • Total Loan Repayment Amount: Ksh186,000

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

Our Review
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Pros

  • CRB status not checked

Cons

  • Relatively high Third-Party Fees (ksh13,000)
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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.

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