Car Loan

African man in a suit holding car keys

This is a product that is designed to enable members acquire private motor vehicles while using the same assest as security for the financing. This product will be offered in partnership with reputable dealers of new and second hand imported cars

Offered in partnership with reputable car dealers.
• Maximum Amount: KSh 5,000,000 subject to 3.5 times deposit multiplier.
• Financing up to 80% of the value of the motor vehicle with the vehicle as collateral.
• The remaining 20% can be financed through cash or the Normal & Property loans as per their respective terms.
• Repayment period – 36 months.
• Interest charged – 1.5% per month on a reducing balance.
• Loan secured by motor vehicle being acquired.

External Lumpsum Deposits Waiting Periods

A member who wishes to top up a lump sum amount to their member deposits  account with the intention of borrowing a loan will be subject to the following waiting periods:

500,000 and belowZero waiting period
500,001 to 2 Million30 days
Above 2 Million60 days

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