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Email: info@kencreamsacco.co.ke
Phone: (254)703-756-350

Member Car Loan

Car loan is an asset finance loan product created to cater for members who would be willing to take loan to purchase a private car but they want the car to be security instead of guarantors.

Loan terms are as follows:

  • Age limit of vehicle should not be more than 12years ist registered 2005 and after.
  • SACCO financing up to 80% of the valuation of the car
  • must have SACCO comprehensive insurance cover.
  • Original log book will be security for the loan and jointly registered.
  • Maximum loan repayment period-48.
  • The car should for private use and not PSV.
  • Car must be physically purchased locally.
  • Insurer is CIC or any other qualified insurer.
  • Valuation to be done on every year by the SACCO pre qualified valuers before insurance renewal.
  • Tracking devices must be installed.
  • The member to take care of legal and valuation costs.
  • Loan issuance is immediate upon complete documentation.
  • Multiplication factor 3 times the deposit.

Requirements

  • Loan application duly filled
  • Member submit official search from KRA
  • Valuation report from Automobile association of Kenya(AA Kenya) or regent automobiles certifying the car is in good condition.
  • 2 copies of signed transfer from the applicant
  • Sales agreement
  • Latest certified copy of payslip (those on employment), 6 months bank statement certified and stamped(for those not employed)
  • Copy of ID or valid Kenyan passport
  • Member must have saved with the SACCO for at least 6 months

Loan Calculator

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CHOOSE A TYPE OF CALCULATOR
$5,000$250,000
$
1284
mo
0.00%30.00%
%

Estimated Monthly Payments

$416.67

$10,000$250,000
$
1100
year
0.00%100.00%
%

Estimated Monthly Payments

$416.67

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