What is a logbook loan?
A loan granted against a logbook. The logbook should be free of any encumbrance.
How old should my vehicle be?
The car should not be older than 14 years by the time you clear your loan with the institution.
Where do I get a valuation report?
You can either get your car valued by Regent or Steering auto valuers.
How do I make an application?
You can make an application physically at any of our branches in Mombasa and Nairobi or you can contact us on our Telephone number -0705 474 291, Email – email@example.com or through our appointed agents.
Is there a minimum amount I can borrow?
Yes. The minimum amount you can borrow is Kshs. 100,000.
What is the minimum and maximum loan tenure for the logbook loan?
Minimum of 3 months and maximum of 24 months.
What is the rate of Interest?
FCL charges an interest rate of 4% pm on reducing balance.
Are there any other charges?
Yes. We charge loan processing fee of 3% and a loan insurance fee of 1.5% of the loan amount.
What is the maximum amount of loan I can get?
A. Up to 50% of the market value of your car at the point of application.
Are there any exceptions to this facility?
Yes. We do not give logbook loans against Tractors, Prime movers and Trailers. Loan approvals are subject to Credit Appraisal.
How long does it take for me to get the money?
After the loan approval and securities perfection process, the loan is disbursed into your account within 6 working hours OR 24 working hours after submission of all the required documents and approval on the NTSA portal by the client, whichever is earlier.