This is a type of Logbook loan. It’s a top up that is borrowed and disbursed via the mobile phone (M-Pesa). This is taken by existing clients who have long-term loans they are servicing or have cleared their facility but we are still in possession of their security (Logbook).
- Original Vehicle Logbook
- Original PIN and ID
- Latest 12 months bank statements
- Comprehensive car insurance
- Post-dated cheques
Frequently Asked Questions
How much can one borrow?
One can borrow up to 60% of the value of the vehicle with a maximum amount of Ksh. 300,000
Who is eligible for a Mobi Loan?
An existing customer of Ngao Credit or one who has cleared their facility but the security is still with Ngao Credit
Is there a limit to the age of the car?
Yes. The minimum age of the car is between 2004 and 2006
What are the charges for this facility?
Credit Life Insurance which is deducted at the point of loan disbursement
What is the repayment period for this facility?
The repayment period is 3 months