Loan Cost

• ‍‍Monthly Interest: 4%
• Processing Fee:  4%
• Insurance : 0.62% of the Principal amount

Additional Third-Party fees:

• Valuation:ksh2700
  Logbook Search: ksh600
• Logbook Discharge: ksh1175
• Car Tracker: ksh5000

Loan structure

• Type: Secured
• Interest structure: Flat rate

Loan  Details

• % Financed: 75% of FSV
• Year of Manufacture cut-off: 2014
  
• Minimum tenure: 3 Months
• Maximum tenure: 36 Months
• Minimum Amount: ksh70,000
• Max amount: ksh2,500,000
• Repayment Frequency: Monthly
• Early Repayment: Allowed
• Late fees: 0.33% daily (of installment balance)

Documents

• Proforma invoice
• Sale Agreement
• Original Logbook
• Original national ID
• KRA PIN
• Passport photos
• Latest 6 months bank statements

Representative Example of Loan Costs:

• Example Loan Amount: ksh100,000
• Example Loan Tenure: 12 months
• Representative APR:68%
• Total Third-Party Fees (See Cost Breakdown):
• Total Loan Repayment Amount: ksh168,396
• Monthly Loan Repayments: ksh14,033

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

Pros

• A high financing amount.  Up to 75% of Forced Sale Value
• Loan tenure: A relatively long repayment duration (36 months)

Cons

• Only Foreign-used cars are eligible for financing.