Meant to finance personal cars and motor bikes.
- Valuations required from a list of valuers in the SACCO panel (cost to be met by applicant)
- Transfer fees to be borne by applicant
- Joint ownership with the SACCO until completion of loan
- Comprehensive insurance cover to be taken with KWFT insurance company.
- Financing up to 80% of the value of the asset, member to pays 20% directly to the vendor [prove of payment to be forwarded to the SACCO].
- Two guarantors required who must be members of the SACCO.
- Chattel mortgage required
- Repayment period 18 to 60 months
- Interest 1.25% p.m. on reducing balance
- Processing fees 1%