CAR LOAN
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.
Enhanced Benefits
- Expanded Vehicle Options: Now financing vehicles up to 10 years old, an increase from the previous 8-year limit.
- Comprehensive Insurance: Your vehicle will be comprehensively insured for three years, ensuring peace of mind.
- Vehicle Tracking: Each financed vehicle will be equipped with a tracking device from vendors recommended by the SACCO.
- Increased Dealer Options: We have expanded our network to include five reputable car dealers.
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:
| LUMPSUM AMOUNT (KES) | WAITING PERIOD |
| 500,000 and below | Zero waiting period |
| 500,001 to 2 Million | 30 days |
| Above 2 Million | 60 days |
