Platinum Credit Asset Finance: Product Details & How to Apply

Rates available from as of 1st April 2021
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Platinum Credit Limited

Asset Finance
Easy Apply
Amount
Up to 75% of car's Forced Sale value
Duration
3 months - 3 years
Interest Rate
4% per month
Total Cost Including Institution's Other Fees
4.73% - 5.95% per month
Typically approved within 24 hours
visit website
Easy Apply

Loan Type

Car Loan

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: ksh3,00,000
  • 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: 48%
  • Total Third-Party Fees (See Cost Breakdown):
  • Total Loan Repayment Amount: Ksh190,380
  • Monthly Loan Repayments: Ksh15,865

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.

Money254 Review

Pros

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

Cons

  • Only Foreign-used cars are eligible for financing.

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