This article lists down various Ngao Credit Loan Products. Ngao Credit Limited is a non-deposit Microfinance institution that was established with the primary objective of providing financial services to the underserved. It is one of the greatest lending firms in Kenya.
They offer one-of-a-kind and tailored financial solutions that meet our clients’ needs in the shortest amount of time while also opening doors for SMEs and business owners.
Ngao Credit loan products comes in various forms, with different features and repayment terms.
The following is a list of loans available and how to apply for each one:
List of Ngao Credit Loan Products
1. Logbook Loan
This is a loan secured by one’s personal/private vehicle.
Customers can borrow up to 60% of the car’s worth, ranging from Ksh. 100,000 to Ksh. 5,000,000. The loan amount will be determined by the make and value of the vehicle, as well as the year of manufacture.
The loan processing time is 6 hours or less, with a monthly interest rate of 3.5% and a repayment duration of 24 months.
Requirements
- Original Vehicle logbook, Original PIN and ID
- Latest 12 months bank statements
- Comprehensive Car Insurance
- Post dated cheques
- Comprehensive Insurance
Loan Amount
Borrowers can borrow up to 60% of the vehicle’s worth, with a minimum of Ksh. 100,000 and a maximum of Ksh. 5,000,000.
Car’s Age
The car should not be older than between 2004 and 2006.
Read also, How to Access Ngao Credit Logbook Loan
2. Jijenge Business Loan
If you possess a car, it can serve as a mobile wallet. Ngao Credit offers rapid logbook loans. Borrow up to 60% of the value of your vehicle as collateral.
To back up your biashara, Jijenge business loans provide convenient finance ranging from KES 100,000 to KES 5,000,000.
Features
1)Minimal paperwork
2)Quick loan in 6 hours
3)Fast approval and disbursement
4)Get up to KES 5 million
5)Repay the principal in 3 months.
Requirements
- Original Vehicle Logbook
- Original PIN and ID
- Latest 12 months bank statements
- Comprehensive car insurance
- Post-dated cheques
Others
Processing fees and chattels fees, which are deducted from the loan. Monthly tracking charges are capitalized as part of the loan.
- The minimum age of the car is between 2004 and 2006.
- There is a repayment period of up to 3 months.
- A Kenyan citizen with a legal source of income and a registered logbook.
3. Asset Finance
This is finance for the purchase of a personal/private usage automobile, either new or old.
They provide up to 70% financing for dealership and zero mileage vehicles, as well as used vehicles from local or overseas dealers such as Japan.
Features
- Loans of up to Kes. 4,000,000.
- Repayment period of up to 36 months.
Requirements
- Proforma invoice from the dealer
- Original PIN and National ID
- Latest 12 months bank statements
- Comprehensive Insurance
Loan terms
One can borrow up to 70% of the value of the vehicle and a maximum amount of KES 4,000,000.
Any Kenyan citizen with a legal source of income and the necessary documentation made available is eligible.
Processing fees and chattels fees, which are deducted from the loan. Monthly tracking charges are capitalized as part of the loan.
4. Import Finance
This is finance for the purchase of a personal/private use automobile from a Japanese or other international dealer.
The company provides financing for 70% of the overall cost of the vehicle (i.e., the whole cost of importing the car, clearing, and paying duty), thus the client will provide a 30% deposit to expedite the end-to-end procedure.
Loan sums ranging from Ksh. 100,000 to Ksh. 5,000,000, with a repayment period of 36 months.
Requirements
- Proforma invoice + Importation Documents
- Original PIN and National ID
- Latest 6 months bank statements
- At least 30% deposit to facilitate the end- to end process
Other terms
A Kenyan citizen with a legal source of income and all the necessary documentation is eligible to apply.
- The minimum age of the car is 2015. It is the same as the Kenyan Law that states that any car being imported should be maximum of 7 years old.
- Processing fees and chattels fees are deducted from the loan. Monthly tracking charges are capitalized as part of the loan.
- The is a flexible repayment period of 36 months.
5. Insurance Premuim Finance
Insurance Premium Financing is a short-term facility from Ngao Credit that allows clients to spread their insurance premium payment over the term of the insurance policy
This product is vailble for car owners who are having issues paying their car insurance. Users can easily pay their insurance with Ngao Credit Insurance Premium Finance.
The insurance financing allows you to drive your dream car without having to worry about your insurance payments.
Additionaly, the insurance premium payments can be spread over a period of up to 11 months.
The client is required to deposit a 20% of the total amount and Ngao credit will handle the rest.
Benefits of IPF
Insurance premium financing offers several benefits for car owners:
- Better cash flow management.
- Increased affordability of insurance premiums.
- Flexible payment options tailored to your budget.
- Preserve your capital for other investments.
- Access to enhanced insurance coverage options.
Note: All potential customers Aare advised to read the Insurance Premium Finacing Terms and Conditions on the product before getting into any kind of cobtact with the financier to avoid disagreements.
Other terms
Any car owner in need of insurance is eligible
- Car age limit is 15 years
- 2% Interest Rate
The repayment period is up to 11 months
Up to sh.2,000,000 financing
The monthly payments depend on the insurance cover chosen and the insurance provider costs.
For More information, Visit Products page at Ngao Credit Website
