Umba Local Car Loan Product details

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Umba
Local Car Loan
Loan Amount
Up to 70% of car's Market Value
Loan Period
3 months - 3 years
Interest Rate
2.49% per month
Total Cost
(incl fees)
3.16 - 4.99% per month
Product Details
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Total Cost Breakdown (Loan Fees):

  • Monthly Interest: 3%
  • Processing Fee: 3.25%
  • Credit Insurance: 2.75%

Loan structure

  • Type: Secured
  • Interest structure: Flat rate

Loan  Details

  • % Financed: Up-to 70% of Market Value
  • Year of Manufacture cut-off: 2008
  • Min tenure: 3 Months
  • Max tenure: 36 Months
  • Minimum Amount: ksh100,000
  • Max amount: ksh3,000,000
  • Repayment Frequency: Monthly
  • Early Repayment: Allowed, not charged
  • Late fees: 0.18% daily (of installment balance)

Documents

  • Original Logbook
  • 6 Months Bank Statements
  • KRA Pin
  • National ID

Representative Example of Loan Costs:

  • Example Loan Amount: Ksh500,000
  • Example Loan Tenure: 13 months
  • Representative APR: 60%
  • Monthly Loan Repayments: Ksh55,344
  • Total Loan Repayment Amount: Ksh719,475
Our Review
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Pros:

  • High percentage Financed: Up to 70% of the Car's Market Value

Cons:

  • Interest structure: interest charged on Flat rate
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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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