SimplePay Logbook Loan Details

Rates available from as of 1st April 2021
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SimplePay Capital Ltd

Logbook Loan
Easy Apply
Amount
From 100k (50% of vehicle)
Duration
1 months - 2 years
Interest Rate
3.5% per month
Total Cost Including Institution's Other Fees
3.71% - 8.5% per month + ksh10,725 additional fees
Typically approved within 5 hours
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Easy Apply

Loan Type

Logbook Loan

Loan Cost

  • Monthly Interest: 3.5%
  • Processing Fee: 5%
  • Late penalty fee: 5%
Additional Third-Party Fees:

Pre-approval Upfront fees:

  • Valuation: ksh4000
  • Logbook Search: ksh550
  • CRB Check: ksh500

Other fees:

  • Legal fees: ksh500
  • Disbursement fee: ksh1000
  • NTSA In-charge: ksh1175
  • Logbook Transfer: ksh3000
  • Car Tracker installation: ksh4000 per month (or 20k One-off)
  • Tracker maintenance fee: ksh7,500 per month

Loan Structure

  • Type: Secured
  • Interest structure: Reducing Balance

Loan  Details

  • % Financed: Up to 50% of FSV
  • Year of Manufacture Cap: 2005
  • Min tenure: 1 Month
  • Max tenure: 24 Months
  • Min amount: ksh100,000
  • Max amount: No Limit
  • Repayment Frequency: Monthly

Documents

  • Original Logbook
  • National ID
  • Bank statements,
  • KRA PIN,
  • Post Dated Cheques

Money254 Review

Pros

  • High Loan amount
  • 7 days repayment extension offered

Cons

  • A monthly tracker maintenance fee of ksh4000

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