What are the best Logbook loans with low interest in Kenya

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I own a car which has Logbook. My car is currently valued at Ksh 600,000 to Ksh 800,000. I want to start a business of Ksh 500,000 in Nairobi but I don’t have capital. I want to know which is the most reliable Logbook loan company with low interest rate. Please advise:

Answer

There are many Logbook loan companies in Kenya and here are the best according to experts and other Kenyans who have taken the loans:

Mogo

Maximum amount—-Ksh 2,500,000

Repayment period—-36 months

Interest rate—12% to 18%

Requirements—Original Logbook,National ID,KRA Pin,Aged 23 years to 70 years

HFC

Minimum loan amount—Ksh 100,000

Your vehicle should be aged below 15 years

Repayment period of up to 48 months

The vehicle should not be having another loan

Provide original logbook

Interest—12% to 18% per year

NCBA

Minimum loan amount—Ksh 100,000

Vehicle should not be more than 15 years old

Logbook loan is given to Private and commercial vehicles only i.e. Trucks, Saloon cars and pickups. PSV vehicles such as buses, Matatus, Taxis and boda boda will not be eligible.

Interest—11% to 18% per year

You will apply for the loan and get feedback within 12 hours.

You must have an account at NCBA

Those are the three companies you should trust when taking Logbook loans in Kenya. Don’t try Microfinance institutions, they will charge interest of up to 200%  of the loan they give you.

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