How to get a logbook loan is one of the most asked financing questions. With more and more people owning vehicles in the country, it has become a viable question for people seeking financing to help sort their emergencies.
Understanding how to get a logbook loan can help you access so many doors of finance in Kenya. Financial institutions have varying procedures for applying. Some require you to visit the office and others can start by applying online. Read more to understand the details on how to access logbook loans.
All you need to know about how to get a logbook loan
Can I get a logbook loan online?
Technology has enabled the digitization of services and the financial sector has not been left behind. The mobile loans market has grown over the last few years with more and more Kenyans seeking efficient and fast financial services.
You can apply for a logbook loan online on the Mwananchi credit website and your loan will be approved within 6 hours of application. Visit www.mwananchicredit.com and click on the logbook loan product and you can enter the amount you wish to borrow and your intended repayment period after which you will get a call from one of our agents.
How does a logbook loan work?
A logbook loan is a convenient way to finance car owners who want to offset any kind of emergency by using their logbooks as security. When applying for a loan against your logbook at Mwananchi credit you are able to borrow up to Ksh 25 million, and the borrowing amount depends on the current value of your vehicle.
Can I get a logbook loan with outstanding finance?
A logbook loan can be given to people with already running loans from Mwananchi credit or any other organization. If you used your logbook to get financing Mwananchi credit can buy off the loan and offer more financing with the same logbook.
If you used other securities like title deed or payslip, you can qualify for a logbook loan from Mwananchi credit as long as you have efficient repayment ability. We can also buy off all other loans too, including title deeds or civil servants’ loans.
Where can I get a logbook loan?
When you need emergency financing Mwananchi credit will offer a flexible and cost-effective solution designed to give you the longest repayment period of up to 48 months in any of our 8 branches spread out throughout the country.
- Nairobi ( Eco bank Towers 10th floor & Pension Towers mezzanine 2)
- Thika ( Thika Business Centre 4th floor)
- Kitengela (Capital center building 2nd floor)
- Mombasa (Jubilee Arcade ground floor)
- Kisumu ( Alpha house 2nd floor)
- Eldoret ( Zion mall 2nd floor)
Where to find logbook loans for self-employed people.
Logbook loans can be given to both employed and self-employed people. The process of getting a logbook loan remains the same for both parties and one can apply using a valid logbook as security. Yet, in case the logbook was registered, we also assist in the logbook transfer process.
Logbook loans for business people include loans against commercial vehicles like transit buses and minivans and can extend to industrial vehicles like lorries, pick-ups, trailers, and other construction vehicles. Contact us now or visit our offices in case of any inquiries.
How to find logbook loans
The Mwananchi credit website has a simple loan application form designed to reduce paperwork and make the logbook loan application process as seamless as possible. Our aim is to ensure that you get financing that is affordable and within your budget.
The process is then completed at any of our branches where our trained staff will be in hand to clarify any questions and offer the lender many options based on the person’s repayment ability.
What do I need to get a logbook loan?
To qualify for a logbook loan at Mwananchi credit, you need to own a motor vehicle, whether it’s a personal or commercial vehicle with a valid logbook. You will also need;
- 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
How to get a loan using a logbook
The process of applying for logbook loans at Mwananchi credit is simplified into 3 steps to make the process as efficient as possible. The three steps are:
- Valuation: We value your vehicle in under an hour to determine the current market rate.
- Documentation: You visit the office with the necessary documents
- Disbursement: Money is deposited in your account or on M-Pesa
How to get a logbook loan is a question Mwananchi credit has answered with the most innovative and award-winning logbook finance product in the market. Our logbook loans are transparent and void of any hidden fees or penalties. When you are looking to buy a car or upgrade your current vehicle, you’re presented with many options, from taking a personal loan, leasing, or car financing.