Total Cost Breakdown (Loan Fees):
- Monthly Interest: 3.5%
- Processing Fee: 2%
- Credit Insurance: 0.19% of Principal * duration
Additional Third-Party Fees:
Pre-approval Upfront Fees:
- Valuation:ksh3,000
- NTSA Logbook Search: ksh3000
Other Fees:
- NTSA Logbook In-charge+ Discharge: ksh3,675
- Car Tracker: ksh4,000
- Monthly Tracker fee: ksh2,000
Loan structure
- Type: Secured
- Interest structure: Flat rate
Loan Details
- CRB status not Checked
- % Financed: Up to 60% of FSV
- Year of Manufacture cut-off: 2005
- Minimum tenure: 3 Months
- Max tenure: 18 Months
- Minimum Amount: ksh100,000
- Max amount: ksh5,000,000
- Repayment Frequency: Monthly
- Early repayment: Allowed, not charged
Documents
- Original Logbook
- 6 Months Bank Statements
- KRA Pin
- National ID
- Post dated cheques for the duration of the loan
Representative Example of Loan Costs:
- Example Loan Amount: ksh100,000
- Example Loan Tenure: 12 months
- Representative APR: 42%
- Total Third-Party Fees (See Cost Breakdown): ksh13,675
- Total Loan Repayment Amount: ksh142,000
- Monthly Loan Repayments: ksh11,833
This product is provided by Ngao Credit. Ngao Credit is a Non-deposit taking Microfinance institution duly registered under the Companies Act No 17 of 2015.
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