Total Cost Breakdown (Loan Fees)

• ‍‍Monthly Interest: 4%
• Processing Fee: 4%
• Credit Life insurance: 0.37% - 0.5% of Principal
• Monthly Tracker fee: ksh1,700

Pre-Approval upfront fees:

• Logbook Search: ksh600

Additional Third-Party fees

• Valuation: ksh2,700 - ksh4,200
• NTSA In-charge: ksh1,175
• Logbook Discharge: ksh1,175
• Car Tracker: ksh5,000
• Chattel Registration: ksh1,050
• Post Logbook Search fee: ksh750

Loan structure

• Type: Secured
• Interest structure: Flat rate

Loan  Details‍

• % of car Financed: Up to 60% of FSV
• Year of Manufacture cut-off: 2000
• All vehicle makes accepted
• Minimum tenure: 3 Months
• Max tenure: 24 Months
• Minimum Amount: ksh70,000
• Max amount: ksh2,500,000
• Repayment Frequency: Monthly
• Early Repayment: Allowed, and not charged.
• 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

Representative Example of Loan Costs:

• Example Loan Amount: ksh100,000
• Example Loan Tenure: 12 months
• Representative APR:68%
• Total Third-Party Fees (See Cost Breakdown):
• Total Loan Repayment Amount: ksh168,396
• Monthly Loan Repayments: ksh14,033

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

Pros

• Flexibility: There is an Option of having the fees deducted from the disbursed loan or capitalized(added) onto the loan. When added onto the Loan, the principal balance is higher.
• Low Upfront fees: Mandatory Upfront fee is ksh600 for the Logbook search. Valuation fee can The valuation fee can be deducted from the disbursed loanbe deducted from Disbursed Loan amount if you sign a consent form.
• Vehicles of Up-to 22 years are eligible for financing.(YoM 2000)

Cons

• Total cost: Relatively high-interest rate of 4% per month.