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 three (x3) times the member’s deposits
- The maximum amount is Kshs 2.5million
- The SACCO will finance 80% of 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 KNADS at member’s cost.
- The vehicle will be owned jointly by the member and KNADS until loan clear.
- You can top up motor vehicle loan if you have paid for last 12 months.
- Top up fee of Kshs 2% on loan balance will be charged.
- Processing fee of 1% on approved loan amount.