Platinum Credit Logbook Loan: Product Details and How to Apply

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Platinum Credit Limited
Logbook Loan
Loan Amount
Up to 60% of vehicle
Loan Period
3 months - 2 years
Interest Rate
4% per month
Total Cost
(incl fees)
4.19% - 5.46% per month
Product Details
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Total Cost Breakdown (Loan Fees)

  • Monthly Interest: 4%
  • Processing Fee: 4%
  • Credit Life insurance: 0.37% - 0.5% of Principal
  • Monthly Tracker fee: ksh1,700

Pre-Approval upfront fees:

  • Logbook Search: ksh600

Additional Third-Party fees

  • Valuation: ksh2,700 - ksh4,200
  • NTSA In-charge: ksh1,175
  • Logbook Discharge: ksh1,175
  • Car Tracker: ksh5,000
  • Chattel Registration: ksh1,050
  • Post Logbook Search fee: ksh750

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • % of car Financed: Up to 60% of FSV
  • Year of Manufacture cut-off: 2000
  • All vehicle makes accepted
  • Minimum tenure: 3 Months
  • Max tenure: 24 Months
  • Minimum Amount: ksh70,000
  • Max amount: ksh2,500,000
  • Repayment Frequency: Monthly
  • Early Repayment: Allowed, and not charged.
  • Late fees: 0.33% daily (of the installment balance)

Documents

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

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.

Our Review
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Pros

  • Flexibility: There is an Option of having the fees deducted from the disbursed loan or capitalized(added) onto the loan. When added onto the Loan, the principal balance is higher.
  • Low Upfront fees: Mandatory Upfront fee is ksh600 for the Logbook search. Valuation fee can The valuation fee can be deducted from the disbursed loanbe deducted from Disbursed Loan amount if you sign a consent form.
  • Vehicles of Up-to 22 years are eligible for financing.(YoM 2000)

Cons

  • Total cost: Relatively high-interest rate of 4% per month.
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Exploring your options? Try our Cost Calculator to compare these other Logbook Loan offers on Money254!

Platinum Credit Limited logbook loans are designed for individuals who own vehicles. Platinum Credit offers logbook loans that cover up to 60% of your car's forced sale value. As of February 2023, Platinum Credit has 52 branches nationwide.

Who is Eligible for Platinum Credit Limited Logbook Loan?

Platinum Credit Limited Logbook Loan Security/Collateral 

Platinum Credit Limited Logbook Loan Limits and Interest Rates

Total Upfront Fees

Platinum Credit Limited Logbook Loan Interest Structure

Estimated Total Minimum and Maximum Monthly Cost of Platinum Credit Limited Logbook Loan

How to Apply for Your First Platinum Credit Limited Logbook Loan

How to Make Platinum Credit Limited Logbook Loan Repayments

Platinum Credit Limited Late Fees and Penalties

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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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