Izwe Logbook Loan: Product Details and How to Apply

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Izwe

Logbook Loan

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View the Loan Breakdown

Loan Amount

Up to 75% of vehicle

Loan Period

6 months - 18 months

Interest Rate

3.5% per month

Total Cost
(incl fees)

3.7% - 5.17% per month

Total Cost Breakdown (Loan Fees):

‍‍Monthly Interest tiers:
*6 Months - 4.5%
*12 Months -3.8%
*18 Months- 3.5%
Processing Fee: 4%

Pre-approval Fees:

Valuation: ksh3,600

Additional Third-Party Fees:

NTSA In-charge: ksh1,175
Legal Fees: Ksh1000
Car Tracker installation: ksh1800
Monthly Tracker Fee (included in installment amount): ksh1800

Loan structure‍

Type: Secured
Interest structure: Flat rate

Loan Details‍

% Financed: Up-to 75% of FSV
Year of Manufacture cut-off: 2007
Vehicle Makes not accepted: Alfa Romeo, Cadillac, Chrysler, Chery, Citroen, Daewoo, Dodge, Fiat, Foton, Lincoln, Maserati, Mini, Peugeot, Renault
Minimum tenure: 6 Months
Max tenure: 18 Months
Minimum Amount: ksh50,000
Max amount: ksh20,000,000
Repayment Frequency: Monthly
Early Repayment: Allowed, not charged
Late fees: 0.55% daily (of installment balance)

Documents

Original Logbook
Valid Driver's license
Post dated cheques for the loan term
6 Months Bank Statements
KRA Pin
National ID

Representative Example of Loan Costs:

Example Loan Amount: Ksh100,000
Example Loan Tenure: 12 months
Representative APR: 45.6%
Total Third-Party Fees (See Cost Breakdown): ksh7,575
Monthly Loan Repayments: ksh11,833
Total Loan Repayment Amount: ksh166,200

This product is provided by IZWE Loans. IZWE Loans is a Non-deposit taking Microfinance Institution duly registered under the Companies Act No 17 of 2015.

‍

Pros

Up-to 75% of car value financing
Relatively low Third-Party fees (ksh7,175)

Cons

Relatively high processing fee of 4% of amount disbursed

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Izwe Kenya logbook loans are designed for individuals who own vehicles. Izwe offers logbook loans that cover up to 70% of your car's value for vehicles not older than 15 years. As of May 2022, Izwe has branches in Nairobi, Embu, Eldoret, Kitale, Machakos, Malindi, Mombasa and Kisumu.

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