Log Book Loan

The loan will be granted based on the member’s savings.
Loan repayment period will be for a maximum 48 months.
The maximum amount a member can qualify for is 4 times the member’s deposits.
The ceiling amount a member can qualify to Kshs 1,000,000 with interest rate at 1.5% per month on reducing balance.
The life of the vehicle should not be more than ten years from the motor vehicle manufacturing date and should be a popular brand in the market
However, the motor vehicle needs to be registered jointly with the SACCO until the entire loan is cleared.
The motor vehicles need to be insured comprehensively and a tracking devise will be installed at the member’s costs
The SACCO reserves the right to determine the percentage of financing based on type of the car, for example its age etc., however for cars with a current life of not more than 7 years the SACCO will finance up to 80% of the value of the car.
Any charges incurred in the valuation and charging of the car will be borne by the loanee.