PSV MATATUS/TUKTUKS
Availed to members to aid purchase of Matatus and Tuktuks
Service Charges and Fees
- Loan Insurance will be charged at 0.75 per thousand per month.
- Loan processing fee will be charged at 1% on loan amount.
- Sale of loan form kshs 500
- Asset being financed shall be insured comprehensively.
- 1% goes to share capital.
Product Terms, Conditions and Security
- Any member intending to apply for this product must be an active member for at least six (6) months; and have at least 20% accumulated members’ deposits of intended loan amount.
- The product will be offered to members upon successful loan appraisal based on ability to pay and other credit prudential criterion approach.
- The minimum loan amount is kshs 400,000 and maximum of kshs 10,000,000.
- The asset being financed will be used as a security of the loan and as such right of lien placed.
- Maximum loan duration will be three years
- Interest rate will be 14% on reducing balance.
- The sacco shall finance up to 75% of the force value.
- The actual payment for the asset being financed, shall be paid by the Sacco directly to the seller after being satisfied on actual cost of the asset, either by verification of L.P.O, invoice, an agreement for intent of sale or any other authentic document to validate actual market cost of the asset in question.
- Any cost associated with charging and discharging the asset will be borne by the borrower.
- The asset shall be adequately insured, where applicable, during the loan duration.
- Daily deposits to be done to GDC account.
For motor vehicles the following shall apply.
- Valuation report from Sacco’s accredited valuers
- Sale agreement between the vendor and the buyer.
- Joint registration of the vehicle thus NTSA tims transfer at the time of payment).
- Letter of offer shall be issued by the Sacco for all asset finance loans.
- Loan repayment installments shall be due on a monthly basis.
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