Secure the keys to your dream car with our car loan program. Whether you're eyeing a brand-new model or a reliable used vehicle, our tailored financing solutions cater to your needs. Enjoy flexible repayment options, competitive interest rates, and streamlined approval processes, making your car ownership journey smoother and more accessible.
Product Features:
- Maximum Loan Amount: With a maximum loan cap of Kshs 1 million, our car loan program empowers you to make substantial investments in your automotive aspirations.
- Loan-to-Deposit Ratio: Borrowers can access loans up to 4 times their savings deposits, providing ample financial leverage to realize their car ownership dreams.
- Flexible Repayment Period: Our car loans come with a generous repayment period of up to 36 months, allowing you to manage your finances effectively and comfortably.
- Competitive Interest Rates: Benefit from competitive interest rates of 16% per annum on reducing balance, ensuring affordability and minimizing the long-term financial burden.
- Guarantor Requirement: To enhance the security of the loan, borrowers are required to provide full guarantees from both themselves and another member(s) who can pledge their withdrawable shares.
- Quick Disbursement: Experience swift access to funds with our expedited loan disbursement process, typically completed within 3-5 working days from the time of application approval.
- Collateral Option: For borrowers opting to utilize collateral, such as a title deed, our microfinance offers loans equivalent to 70% of the collateral's appraised value. However, it's essential to note that the collateral evaluation process may extend up to 2 months or more due to various factors, and associated charges such as search fees, valuation costs, legal fees, stamp duty, and registration expenses are borne by the borrower.
Requirements:
1. Membership Duration: To qualify for a car loan, applicants must have completed a minimum of 6 months of membership with our microfinance and maintain up-to-date monthly contributions.
2. Consistent Contribution: Ensure a consistent contribution history of at least 6 months preceding the loan application, demonstrating financial responsibility and stability.
3. Savings Stability: Any savings intended for loan acquisition purposes must have been held within the microfinance for a minimum of 6 months, reflecting a commitment to long-term financial planning and stability.
4. Financial Capability: Demonstrate the ability to repay the loan through comprehensive documentation showcasing financial stability and sufficient income sources.
5. Membership Transfer: Members transferring shares from another society will be eligible for a loan after a probationary period of 3 months, ensuring adherence to membership guidelines and regulatory requirements.
6. Insurance Coverage: As an additional safeguard, all car loans are mandatorily insured by a reputable insurance company against unforeseen events such as death or permanent disability, providing peace of mind and financial security to borrowers and their families.
By offering comprehensive car loan solutions coupled with stringent eligibility criteria and risk management measures, our microfinance endeavors to empower members in their pursuit of vehicle ownership while promoting financial stability and community prosperity.
