Total Cost breakdown (Loan fees)
- Monthly Interest: 5%
- Processing Fee: 3%
- Insurance fee: 2.5%
Additional Third-Party Fees:
Pre-approval
- Valuation: ksh3500 small car/5500 big car
Other Fees
- Disbursement fee: ksh1000
- Member fee: ksh1000
- NTSA Logbook Search: ksh550
- NTSA Logbook In-charge: ksh1,175
- Tracker Installation: ksh5500
- Car Tracker: 2000 per month
Loan structure
- Type: Secured
- Interest structure: Flat rate
Loan Details
- % Financed: Up to 60% of FSV
- Year of Manufacture cut-off: 2000
- Minimum tenure: 3 Months
- Max tenure: 24 Months
- Minimum Amount: ksh100,000
- Max amount: ksh10,000,000
- Repayment Frequency: Monthly
- Early repayment: Allowed, not charged
- Late fees: 3% monthly (of installment balance)
Documents
- Original Logbook and
- 6 months M-pesa Statements
- 6 Months Bank Statements
- KRA Pin
- National ID
- Passport photo
- Valuation report
Representative Example of Loan Costs:
- Example Loan Amount: ksh500,000
- Example Loan Tenure: 12 months
- Representative APR: 54%
- Total Third-Party Fees (See Cost Breakdown above): ksh6,050
- Total Loan Repayment Amount: Ksh771,240
- Monthly Loan Repayments: Ksh64,270
This product is provided by MyCredit Limited. MyCredit Limited is a Non-deposit taking Microfinance Institution duly registered under the Companies Act No 17 of 2015
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