Mwananchi Logbook Loan: Your Car Can Get You Up to Ksh25 Million in 6 Hours

Picture this: You are just about to make your first million—a massive business deal, paid for with your life savings. But just when the deal is closing, an emergency cost sets you back, and you are now staring at bankruptcy. 

In such difficult times, most Kenyans turn to the familiar: they call friends, drain their Sacco savings, or submit a loan application to the bank, only to be met with slow processes or a flat rejection. Sometimes, the painful final step is often accepting that you must sell a valuable asset at a throwaway price. 

But what if the asset you already own—your car—could be the savior? Instead of losing weeks to banks or sacrificing your car for cents, a logbook loan allows you to unlock the capital you need in hours.

In this comprehensive review, we take a deep dive into the Mwananchi Credit Logbook Loan, a product licensed and regulated by the Central Bank of Kenya. We look at its standout features—from its 6-hour processing time to its Ksh25 million limit—to help you decide if it is the fastest and safest way for Kenyan car owners to unlock their vehicle's value.

The Mwananchi Logbook Loan is for times when you need cash fast to save or make money. Its speed and high limit solve problems the banks can't touch:

• Save Your Business: Get the money fast to pay unexpected emergency costs such as taxes, fines, clear urgent stock, or pay an important supplier. 
• Grab a Money-Making Chance: Instantly access money (up to Ksh25 million) to buy stock in bulk at a steep discount, or fund a last-minute contract. 
• Urgent Personal Bills: Quickly sort out critical personal needs like unexpected, high medical bills or pay all the school fees before the deadline and avoid penalties.
• Clear Expensive Debts: Use the cheaper logbook loan to pay off all your smaller, high-interest loans at once. This saves you money every month and makes managing your debt easier.

Eligibility

To qualify for a Mwananchi Logbook Loan, your vehicle should be in good condition and registered under your name. Mwananchi Credit will also assess your financial capacity to ensure you can comfortably manage the loan repayments. This includes providing simple proof of income or any steady source of funds to support your application.

KYC Documents

For individuals, the following documents are required when making your application:

• Original Logbook
• KRA PIN of the applicant
• National ID of the applicant
• 2 passport photos
• 6 months’ bank statements
• 6 months’ M-Pesa statements

It is important to note that the car must have comprehensive insurance throughout the loan term. If you are unable to raise money for comprehensive insurance, Mwananchi Credit offers Insurance Premium Financing (IPF), where they pay for the comprehensive cover and add it to your loan.

For businesses, in addition to the listed documents, a physical visit is required to confirm existence and repayment ability.

Mwananchi Logbook Loan Limits

Mwananchi Logbook Loans are available from a minimum of Ksh100,000 to a maximum of Ksh25 million, one of the highest limits among logbook loan providers in this category.

The loan amount granted is determined based on a percentage of the vehicle’s forced sale value, which is determined by an independent valuer.

The forced sale value refers to the amount the vehicle could reasonably fetch in a quick sale scenario, where there may not be enough time for extensive marketing.

For example, if your Toyota Vitz has a market value of Ksh700,000, the forced sale value could be determined by a professional valuer to be Ksh600,000. The loan amount you qualify for would then be Ksh300,000 - 50 percent of the vehicle’s value.

The Mwananchi Credit Logbook Loan allows for a minimum repayment period of 3 months and a maximum of 24 months.

Cost of Mwananchi Logbook Loan

The Mwananchi Logbook Loan is provided at a monthly interest rate of 3 percent. 

Additional costs include a Car Tracker Maintenance fee of Ksh4,000 per month. 

Other Third-Party Fees

• Legal Fees: Ksh500 
• Car Tracker Installation: Ksh7,500
• NTSA Logbook Search: Ksh550
• Logbook In-Charge: Ksh1,100 
• Bank Disbursement Fee: Ksh1,000

With the Mwananchi Logbook Loan, you don’t have to pay these amounts out of pocket since they can be incorporated into the loan amount. In other words, these fees are capitalised and added to your total loan balance.

For instance, if you take a Ksh200,000 loan, you will receive the full Ksh200,000, but your total loan amount will include the above-listed fees.

How Mwananchi Logbook Loan Stands Out

• High limits of up to Ksh25 million - making it one of the biggest logbook loan providers 
• Finances up to 50 percent of the car’s forced sale value
• Loan is processed fast: approximately within 6 hours
• Allows the use of multiple cars as collateral for a single loan
• Early repayment is allowed without any penalties
• All associated fees, except valuation and CRB check, are capitalised into the loan amount, minimising upfront costs
• Mwananchi Credit has a nationwide presence with 13 branches and satellite offices across Kenya, including Nairobi, Thika, Voi, Nakuru, Mombasa, Machakos, Kitengela, Kisumu, Homa Bay, Eldoret, and Kitui

Ready to Unlock Your Car's Potential?

Mwananchi Credit’s Logbook Loan offers a path out of a financial crisis with its 6-hour processing and Ksh25 million limit, all under CBK Regulation.

If you are a car owner looking to unlock quick cash, start your application here, and within a few minutes, a Mwananchi Credit relationship officer will contact you to finalise the necessary steps.