Momentum Logbook Loan: Product Details and How to Apply

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Momentum Credit
Logbook Loan
Loan Amount
Up to 60% of vehicle
Loan Period
3 months - 2 years
Interest Rate
4% per month
Total Cost
(incl fees)
4.36% - 7.65% per month
Product Details
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Total Cost Breakdown (Loan Fees)

  • Monthly Interest: 4%
  • Processing Fee: 4%
  • Credit Life insurance: 0.35%  of Principal
  • Monthly Tracker fee: ksh2,000

Additional Third-Party fees

  • NTSA In-charge: ksh5,050
  • Car Tracker: ksh5,000
  • Legal Fee: Ksh 2,450
  • Valuation: Ksh 2,900

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • % of car Financed: Up to 60% of FSV
  • Year of Manufacture cut-off: 2005
  • All vehicle makes accepted
  • Minimum tenure: 3 Months
  • Max tenure: 24 Months
  • Minimum Amount: ksh100,000
  • Max amount: ksh2,000,000
  • Repayment Frequency: Monthly
  • Late fees: 0.33% daily (of the installment balance)

Documents

  • Original Logbook
  • 6 months M-pesa Statements
  • 6 Months Bank Statements
  • KRA Pin
  • National ID
  • Passport photo

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

Our Review
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Pros:

  • Fee Structure: All fees can be capitalised, no upfront fees.

Cons:

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

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2

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3

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Your Money254 Agent will assist you in submitting your loan application to the lender. With our dedicated agents on your side, your application gets priority support for a faster, smoother experience.

Exploring your options? Try our Cost Calculator to compare these other Logbook Loan offers on Money254!

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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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