How to Apply for a Log Book Loan and where to access it
About Log Book Loan
The Log Book Loan is a loan that is secured against the value of your car. This loan can be used for any purpose and is ideal for people looking to expand their business, foray into new ventures or supplement the working capital cash flow deficits.
All Log Book Loans are subjected to a loan appraisal process. Once a loan has been approved the loan will be disbursed within 24 hours, either Via Mpesa, cheque or to a bank account.
How to Apply for a Log Book Loan and where to access it
Platinum Credit LTD
Platinum Credit Limited is a credit only Micro-Finance Company licensed in Kenya under the Company’s Act. The company was founded in 2003 with a vision to provide emergency loans to Civil Servants, TSC members and employees of selected companies. They deliver cash in 24hours, with minimum bureaucracy and swift customer service.
Who Qualifies
Anyone who owns a private, commercial or passenger service vehicle.
Loans can be secured against more than one motor vehicle at the same time.
- Loan Application Requirements
- Clear copy of original ID.
- Certified Bank statements for the last six months.
- Copy of KRA Pin.
- One recent colour passport sized photographs
- Original Vehicle Logbook
- Valid Comprehensive Insurance cover.
- Certificate of Incorporation / registration. (For Business owners only)
- Personal cheque book.
- Latest 3 months pay slips (For Salaried Employees Only)
- Employment card /employment contract letter (For Salaried Employees Only)
Term
Repayment period ranges from 1 to 12 months.
There are no penalties for settling your financial liability before the end of your contract term.
Amounts
Minimum loan amount: Ksh. 50,000
Maximum loan amount: Ksh. 2,000,000
Calculate Loan Repayments and Apply
Below you can use their loan calculator to calculate:
- Estimated maximum borrowing amount
- Estimated monthly repayments based on your chosen borrowing amount and term.
Once you start the application process it will be possible for you to save and return to the application at a later date.
Mogo Kenya LTD
Mogo Kenya LTD is part of Mogo Finance Group. The Group provides car financing for used cars and logbook loans for all makes and models of vehicles, without limitation of the age of the vehicle, with clear conditions and a long repayment period.
Mogo is a reliable and internationally trusted partner offering car financing and logbook loans to its customers in 18 different markets in Europe, Asia and Africa. Over 100,000 satisfied customers have chosen our services and we hope that you will be one of them.
Documents Required
- Logbook of your car
- Proof of income – 6 months bank statement
- MPESA statement
- Official payslip (if employed)
- Driver’s license
- Personal ID or passport
- KRA PIN
Will Mogo require proof of my income?
When applying for a logbook loan, Mogo will ask you to submit 6 months of bank statements or other relevant documents proving the source and amount of income.
You can apply for car financing in several ways:
- Through this website, filling out an application by clicking here.
- By calling us at 0768 469 112
- By visiting one of our branches.
Bridgewater Capital
Bridgewater Capital is a financial solutions platform that seeks to give financial empowerment to SME’s and individuals consistently by revolutionizing access to finance.
It offers much-needed liquidity to businesses specifically loans to small and medium enterprises as well as individuals by providing unique, tailor-made and easily accessible financial solutions.
How do I qualify for a LogBook Loan?
- Be over 18 and a Kenyan resident;
- Be able to show you can afford payments
- Own a vehicle which is free of finance and insured
- Have proof of address
What should I expect to pay for setting up the loan?
An AutoLog book loan you will incur the following standard charges payable to the various services providers;
- Legal fees
- LogBook Search Fee
- Valuation Fee
- Tracking
These charges can either be paid upfront or included in your total loan amount.
How do apply for an Auto LogBook Loan?
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