Logbook Loans

Watu Gari Logbook Loan: Product Details and How to Apply

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Watu Gari
Logbook Loan
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Loan Amount
Up to 50% of vehicle
Loan Period
3 months - 2 years
Interest Rate
3.5% per month
Total Cost
(incl fees)
3.53 - 5.17% per month
Product Details
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Loan Cost

  • ‍‍Monthly Interest: 3.5%
  • Processing Fee: 20K for the first year and an additional 6K for every year
  • Insurance fee: 2.5%

Loan structure

  • ‍‍Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • ‍‍% Financed: Up to 50% of MV
  • Minimum tenure: 3 Months
  • Max tenure: 24 Months
  • Minimum Amount: ksh100,000
  • Max amount: ksh3,000,000
  • Repayment Frequency: Monthly
  • Late fees: 0.1167% Daily of outstanding balance
  • Early repayment allowed, not charged

‍ Documents

  • ‍‍Original Logbook and copy
  • 6 months M-pesa Statements or 6 Months Bank Statements
  • KRA Pin
  • National ID
  • Valid Driver's License
Our Review
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Pros:

  • No Upfront fees

Cons:

  • Highest % financed is only 50% of the car value.
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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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