Car Loan

Car Loan


Product Description

Fully secured loan to enable our customers to purchase a vehicle of their choice, which will usually be a vehicle for personal use. The vehicle can either be new or used but should have a resale value and serviceable at the point of application.


Features
  • Interest rate is 21% declining.
  • Repayment term up to 48 months.
  • 20% of customer contribution available on his/her current account.
  • The vehicle should be made from 2000 and above.
  • The vehicle purchased should be a collateral.

Benefits
  • Repayable up to 48 months.
  • Attractive interest rate.
  • In 13 days.
  • Vehicle for personal use.

Requirements
  • Application letter.
  • Legal status certificate.
  • Employment contract/service certificate for the employee.
  • Last 3 months payslips.
  • Proforma Invoice (If purchasing from a car dealer)
  • Provisional sale contract (if purchasing from a third party)
  • Copy of the yellow card and photos of the vehicle
  • Valuation report of the collateral of 100% of forcedvalue (done by a valuer which has a partnership with UNGUKA Bank Ltd)
  • Collateral title documents
  • Act of lending property if the collateral doesn’t belong to the borrower
  • Life insurance is mandatory
  • Vehicle insurance