Platinum Credit Logbook Loan Details

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

Logbook Loan
Easy Apply
Amount
Ksh70K - 2.5M (Up-to 60% of vehicle)
Duration
3 months - 2 years
Interest Rate
4% per month
Total Cost Including Institution's Other Fees
4.19% - 5.46% per month + Ksh600 Upfront fees
Typically approved within 24 hours
visit website
Easy Apply

Loan Type

Logbook Loan

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
  • 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: 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

  • 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.
  • Relatively Low Upfront fees (ksh600). Valuation fee can be deducted from Disbursed Loan amount if you sign a consent form.
  • Vehicles of Up-to 22 years are eligible for financing.(YoM 2000)

Cons

  • Relatively high-interest rate of 4% per month.

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