Umba Logbook Loan: Product Details and How to Apply

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Umba

Logbook Loan

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View the Loan Breakdown

Loan Amount

Up to 50% of vehicle

Loan Period

3 months - 1 year

Interest Rate

3% per month

Total Cost
(incl fees)

3.54% - 5.17% per month + ksh3,150 upfront fee

Loan Cost

‍‍Monthly Interest: 3%
Processing Fee: 4%
Insurance fee: 2.5%
Disbursement fee: ksh0
Valuation:ksh2500
Logbook Search: ksh650
Logbook In-charge: Ksh1175
Logbook Transfer: ksh1175
Chattel Registration: ksh2000
Car Tracker: ksh20000
Membership fee: ksh1000

‍Loan structure

‍‍Type: Secured
Interest structure: Flat rate

Loan Details

‍‍% Financed: Up to 50% of FSV
Year of Manufacture cut-off: 2009
Minimum tenure: 3 Months
Max tenure: 12 Months
Minimum Amount: ksh100,000
Max amount: ksh1,000,000
Repayment Frequency: Monthly
Early Repayment: Allowed, not charged
Late repayment: 2% daily (of installment amount)‍

Documents

‍‍Original Logbook and copy
6 months M-pesa Statements
6 Months Bank Statements
Payslip if employed/Business registration certificate if in business
KRA Pin
National ID
Passport photo
Valuation report

Representative Example of Loan Costs:

Example Loan Amount: Ksh100,000
Example Loan Tenure: 12 months
Representative APR: 63%
Monthly Loan Repayments: Ksh15,130
Total Loan Repayment Amount: Ksh181,560

Pros:

Relatively low interest: Monthly interest of as low as 3%

Cons:

Upfront fees: Valuation fee of ksh2500 paid upfront
Maximum amount: Maximum loan amount is ksh1M

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