MOTOR VEHICLE LOAN
Helping you get the vehicle you want, fast
Designed to assist members to purchase a vehicle for personal or commercial use.
- The maximum amount borrowed shall not exceed four (x4) times the member’s deposits.
- The maximum amount is Kshs. 5 million.
- The SACCO will finance 80% of the market value of the motor vehicle.
- Interest is charged at 1% per month on reducing balance.
- The maximum loan term will be 48 months.
- A valuation must be done by the Registered automotive at member’s cost.
- The vehicle will be owned jointly by the member and KNADS until loan clear.
- You can refinance a motor vehicle loan if you have paid for the last 6 months.
- Refinance fee of 2% on loan balance will be charged.
- A non-refundable processing fee shall be recovered from the new loan as follows:
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- 1.5% for loans below Kshs 9 million and
- 2% for loans above Kshs 9 million
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