Logbook Financing
Do you require Cash urgently?
You can now access Logbook Financing. Get quick cash against the value of your motor vehicle. Our processes are fast and simple in line with our vision to sustainably improve lives!
| PRODUCT | LOAN AMOUNT |
| Logbook Financing | Minimum loan amount is Kshs 100,000. The maximum loan amount is Kshs 1,000,000 |
Our Target Market
- Customers in Business
- Salaried customers
At Real People Kenya Limited We Promise
- You as the customer will have a one-stop-shop for your long term as well as short-term financial needs.
- We offer up to 60% financing the value of the motor vehicle
- Quick turn around time
- Competitive interest rates
- No hidden costs
Basic Requirements
- Original logbook
- National ID
- KRA PIN
- Proof of income – 6 months bank statements or official payslips (if employed)
- Kenyan Citizen – 25 years of age and not older than 65 years
Loan Repayment Duration
- Flexible repayment period of up to 12 months
Frequently Asked Questions
What is a logbook loan?
A: This is a loan that is secured against the value of your vehicle.
Who qualifies for these logbook loans?
A: All individuals who own private motor vehicles, and the logbooks are registered under their names. However, we do not finance PSVS except Ubers. Real People will also not finance Heavy Commercial Vehicle/ Big trucks for logbook financing.
What do I need to qualify for a logbook loan?
A: You need.
- Your original logbook
- Your National ID
- Your KRA PIN
- Proof of income – 6 months Bank statements
- Official Payslips (If employed)
How long will I wait before I get the money?
A: We promise cash in 48 hours
What is the minimum loan amount and maximum loan amount that I can borrow?
A: Minimum loan amount is Kshs 100,000. The maximum loan amount is Kshs 1,000,000
What is the Interest rate?
A: Our Interest rates are very competitive in the market at 3.5% per month.
Do you have any other Fees apart from the interest charged for the loan?
A: Yes, you will pay for the initiation fee, Tracking fee, and valuation fee which are all priced on the loan.
Do you have an age limit for motor vehicles that you fund?
A: Yes, the product is limited to motor vehicles whose age limit is not more than 15years, at the point of application.
Will I still use my car with a logbook loan?
A: Yes, you will still use your car exactly as you normally would. You are however responsible for all insurance and maintenance of your car. While the loan is secured against the car, the only difference you will notice is that you cannot sell the car until the loan is repaid.
How will my car be valued/ accessed?
A: Real People’s internal valuers will evaluate the value of the car at a subsidized rate.
Is it compulsory to have an auto insurance cover?
A: Yes, Under the provisions of the Motor Vehicles Act Kenya, all the vehicles operating in public places should have car insurance cover. Real People will accept vehicles whose insurance is comprehensive and Real People can also finance you Insurance Premium should you not have an auto insurance cover.
How do I pay my monthly installments?
A: You are obliged to pay monthly installments following the repayment plan attached to your loan contract. The post-dated cheques issued will be banked monthly as part of your repayment.
When will the logbook be transferred to me?
A: The logbook will be jointly registered in your name and Real People Kenya Limited name. After full repayment of your contract, you will be contacted by the Real People Legal team to discharge the logbook to your name.
