In Kenya, Logbook loans have become a popular choice for those seeking fast and convenient financing. Logbook loans can offer various loans to those planning to grow their businesses, those who need personal funds and even those who are facing an emergency.
These loans are secured by your vehicle, enabling you to borrow money based on your car’s value while still being able to use it. However, identifying the most cost-effective logbook loan options can be difficult.
This article will provide a list of the top budget-friendly companies in Kenya that could offer financial aid in cases of emergencies.
Thus, those who might find themselves wallowing deep in mountains of debt stemming from expensively priced financial products can look up to the below companies to salvage them from their financial crisis.
Also Read: Popular Loans Provider to Refund Customers After Hefty Fine
List of Logbook Companies
- Mwananchi Credit
In Mwananchi Credit an individual can borrow amounts ranging from as low as Ksh 1000,000 to Ksh 25,000,000. The repayments can be extended to 48 months.
To secure a loan one will require an original logbook, a copy of your ID card and KRA PIN. In addition, passport photos, 6-month bank statements and Comprehensive insurance (for the car) are part of the requirements.
- Jijenge Credit
Another Logbook loan company is Jijenge Credit. The company prides itself on having a longstanding loaning track record for small businesses and individuals. The company has branches in Kenya, Sudan, and Tanzania. Moreover, it claims to have over 10,000 active clients which is no mean feat.
Notably, the company offers loans from Ksh50,000 to a maximum of Ksh10,000,000.
To access the loan, you need the following requirements: Original Logbook, Copy of National ID, KRA PIN, Passport, Comprehensive Insurance, Valuation Report, and a 6-month Bank Statement.
- Momentum Credit
This is one of the emergency lending companies that offer logbook loans in Nairobi and across the country.
Moreover, the company targets small and medium-sized enterprises (SMEs) as well as individuals.
The company offers loans of up to Ksh 2,000,000 repayable within 24 months. Requirements include the original Logbook. A copy of your National ID Card and a 12-month Bank Statement.
Also Read: DCI Exposes NTSA Syndicate Using Kenyans’ Logbooks to Borrow Loans
Other Companies
- Ngao Credit
This credit company is part of the Anvil Shield Group Holdings, a company with interests in real estate, fleet management, insurance brokerage, and finance.
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It majorly focuses on logbook loans, car import finance, and insurance premium finance.
The borrowing range falls between Ksh 100,000 to Ksh 4,000,000. This company allows you to borrow up to 50 per cent of the value of your car.
The requirements to successfully acquire the loan include an Original Logbook, KRA PIN, A Copy of your National ID, Comprehensive Car Insurance and Post-Dated Cheques.
- HAKKI Africa
HAKKI Africa offers loans both online and in an office setting. The firm offers both logbook loans and import finance services. Their loans are based on the 50 per cent value of your car.
One can only borrow a maximum of Ksh 1,000,000 with a maximum repaying period of 36 months. Requirements include the Original Logbook, KRA PIN and 6-month Bank Statement.
- Equity Bank
Equity Bank also offers log-book loans with a requirement that you have opened a bank account with them and are active for at least six months.
Additionally, as the borrower, you will have to provide viable evidence of a consistent source of income along with other key documents.
For individuals seeking to apply for a logbook loan, it is advisable to visit a nearby Equity Bank branch in person. When going to the branch, ensure you bring along your original ID card, KRA PIN, and a copy of your car ownership documents.
- KCB Bank
Kenya Commercial Bank (KCB) gives access to a personal secured loan using a car’s logbook as collateral.
Similarly, as in other banks, one will need to have an account with the Bank. Proof of consistency in income for self-employed individuals and a pay slip for employed individuals.
- NCBA Bank
NCBA Bank offers logbook loans with competitive interest rates and a straightforward application process. You can borrow cash against an owned vehicle provided it’s not under any finance. Features: Minimum loan amount – KShs.100,000 The vehicle must not be more than 15 years old.
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