Total  Cost Breakdown (Loan fees)

• ‍‍Monthly Interest: 5%
• Processing Fee: 3%
• Insurance fee: 2.5%

Pre-approval Fees:

• Valuation: ksh3500 small car/5500 big car

Additional Third-Party Fees:

• Disbursement fee: ksh1000
• Member fee: ksh1000
• Legal fee: ksh500
• CRB Check: ksh300
• NTSA Logbook Search: ksh550
• NTSA Incharge: ksh1175
• Car Tracker Installation: ksh5500
• Car Tracker: ksh2000 per month

‍Loan structure‍

• Type: Secured
• Interest structure: Flat rate‍

Loan  Details‍

• % Financed: Up to 60% of FSV
• Age of car: 22 years
• All vehicle makes accepted
• Minimum tenure: 3 Months
• Max tenure: 24 Months
• Minimum Amount: ksh100,000
• Max amount: ksh10,000,000
• Repayment Frequency: Monthly
• Early Repayment: Allowed, and not charged
• Late fees: 3% monthly (of installment balance)

‍Documents

• ‍Original Logbook
• 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: Ksh100,000
• Example Loan Tenure: 12 months
• Representative APR: 60%
• Total Third-Party Fees (See Cost Breakdown above): ksh6,050
• Total Loan Repayment Amount: Ksh184,050
• Monthly Loan Repayments: Ksh15,333

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.

Pros

• Older cars accepted (Upto 22 Years)

Cons

• All third-party fees paid upfront