About Logbook loans
- This is a loan against ones personal/ private motor vehicle.
- The age of the vehicle is 10 years and below and comprehensive insured .
- Customers can borrow up to 50% of the value of the car between Ksh, 100,000 and Ksh. 3,000,000. Loan limit will be based on the make and value of the car as well as year of manufacture.
- The loan period is of 6 months renewable twice as per the client need.
- The interest rate is 5% per month comprehensive or 12.5% on a straight line method we allow our clients to choose their favorable method conducive with their business.
- The loan processing time is 6 hours.
The following are the requirements for auto logbook borrowers.
i) Individual.
a) Original logbook.
b) Kra motor vehicle records search by our office.
c) The vehicle undergoes valuation to be done by links valuers limited
d) The vehicle must be comprehensive insure and mechanically fit.
e) 6 months bank statement or mpesa.
f) Utility bill of where the client stays.
g) Passport photo/ copy of I.d/ kra pin.
h) Processing fees will be deducted from the loan.
I) Post dated cheques.
ii) Company.
a) Certificate of incorporation of the company.
b) Kra pin of the company.
c) Memorandum & articles of association.
d) Location & proof of existence.
e) Resolution to borrow certified by a lawyer.
f) 6 months bank statements
g) Directors passport photo/ copy of i.d/ kra pins.
h) Vehicle details as above.
I) Postdated cheques.
