Cheapest Logbook loans in Kenya


If you own vehicle with logbook, take a loan for your project or business. But not all logbook loans are cheap. Some banks and microfinance institutions have hidden charges; they even don’t disclose the interest you are going to pay. Before taking a loan, make sure you know how much they are going to charge you.

Below is a list of banks and financial institutions with the cheapest logbook loans in Kenya:


NCBA is the best bank for logbook loan in Kenya. They don’t have hidden charges. The minimum loan amount is Ksh 100,000. Your vehicle should not be older than 15 years.

Interest rate ranges between 8% and 15 %.

Before thinking of taking a loan from anywhere, think of NCBA.


Mogo is also one of the best institutions to get a Logbook loan in Kenya from. They also offer motor vehicle financing and boda boda loans. All they need is your Logbook, KRA Pin, National Id for you to get the loan. You should also be aged between 23 and 70 years.

The loan amount is up to Ksh 2,500,000 and it is approved within 2 hours.

The interest range between 6% and 18% depending on how fast you repay the loan.The repayment period is 60 months.

—-Umba Kenya

Umba Logbook loans are cheap.There are no hidden charges too.

Documents required to get the loan

Original Logbook and copy
– 6 months M-pesa Statements
– 6 Months Bank Statements
– KRA Pin
– National ID
-Passport photo
-Valuation report

Loan Details

Financed: Up to 70% of FSV
Minimum tenure: 3 Months
Max tenure: 24 Months
Minimum Amount: KSH 100,000
Max amount: KSH 1,000,000
Repayment Frequency: Monthly

Loan Cost

Monthly Interest (Flat Rate):
1-12 months: 2.99%
13-18 months: 2.75%
19-24 months: 2.49%

Processing Fee: 3.25%
Insurance fee: 1.75%
Upfront cost: KSH 0
Disbursement fee: KSH 0
Valuation: KSH 0 (May only offer!)
Logbook Discharge: KSH 0
Car Tracker: KSH 0


Example Loan Amount: KSH 500,000
Example Loan Tenure: 12 months
Representative APR: 60% Monthly Loan Repayments: KSH 59,447
Total Loan Repayment Amount: KSH 713,369

—-Mwananchi Credit

Mwananchi Credit gives logbook loan of up to 80% of the value of a car and as little as 30% of the car’s value. The interest rate for a logbook loan is typically 1.6%, depending on the repayment schedule and the amount borrowed. The loan amount ranges between Ksh 100,000 and Ksh 25,000,000.

The loan repayment period is up to 24 months.

Documents required for the loan

  • Original car or motorbike logbook
  • KRA PIN of the applicant
  • Original national ID card of the applicant
  • Two passport size photos
  • Six months bank statement
  • Comprehensive insurance certificate cover

—–Platinum Credit

Platinum Credit loan amount is Ksh 70,000 to Ksh 2,000,000. Their repayment period is 3-36 months.

To get the loan, they require your Logbook, copy of your National ID,1 coloured passport size photo ad 3 months certified bank statement.

The loan interest per month is 3%-6%

—-Watu Credit

Watu Credit Logbook loan attracts interest of 3% to 5% per month.


  • Financing – Up to 50% of vehicle market value
  • Interest rate – Affordable monthly interest rate
  • Loan period – Between 3-24 months
  • Same-day processing

The loan is approved within 24 hours.

Documents required

  • National ID / Passport & Alien ID
  • KRA PIN certificate
  • 6 months bank statement (electronic)
  • 6 months M-Pesa statement (electronic)
  • Duly completed application form
  • Logbook copy (under your name) 
  • Picture of your current insurance sticker 
  • Minimum required age of borrower -18 years and above

——Momentum Credit

Momentum Credit gives a loan of up to 2,000,000. Their interest range between 3% and 5% per month. They lend up to 60% of the car’s value

Basic Requirements

Individual Application

  • Original Logbook
  • Copy of ID
  • KRA Pin

Corporate Application

  • Original Logbook
  • Certificate of registration/Incorporation
  • KRA Pin

Logbook loans attract high interest rate, more than the normal loan. If you are not careful, you will lose your car. The best thing to do is to put money into good use where you are sure of getting a profit to repay the loan. You should also repay the loan as soon as possible because the more you delay the higher the interest on the loan.


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