Mwananchi Credit bagged the Best Logbook financier Award twice in a row this year, after sweeping the same category last year at the Automotive Industry Excellence Awards. Outstanding players who have given exemplary services in the automotive sector are recognized by the awards. Mwananchi Credit was founded in April 2010 and has since taken its position as one of the dominant microfinance institutions currently in the market.
Market leader in Car Financing
The company has been recognized as a market leader in car financing in the year 2020. Despite the ongoing pandemic which has ravaged the economy and grounded many institutions, Mwananchi Credit has continued its lending. While receiving the award, MD Dennis Mombo thanked his employees who went above and beyond to make sure all Mwananchi Credit’s customers get their emergency loans on time. Mombo also recognized the spirit shown by Kenyans in fighting the pandemic and abiding by the MoH guidelines.
Penalty Waivers & Loan Restructures
The company has been offering customers up to 100% waivers on default charges during this difficult time of coronavirus pandemic.
”Our clients were affected by the pandemic, just like anyone else in the world, therefore punishing them for an unprecedented virus would have been wrong and unfair. Our tagline is an investor in people and at times like this we need to live by it,” the Managing Director said.
Mwananchi credit waived penalties for 350 clients and restructured a further 200 loans giving customers longer repayment periods with lower installments.
Car Loan Requirements
If you have once or twice googled ‘log book loans Kenya’ or “car loans in Kenya” and own a private, commercial, or passenger service vehicle, you are eligible for a car loan at Mwananchi Credit. All you need to do is just to meet the minimum requirements before getting approved. These requirements include;
- Original car or motorbike logbook
- KRA PIN of the applicant
- Original national ID card of the applicant
- Two passport size photos
- Six months bank statement
- Comprehensive insurance certificate cover
Quick Car Loans
Mwananchi credit offers car loans to individuals who own cars with valid logbooks. Our Car loans are offered at the most affordable interest rates on the market with a repayment period of up to 48 months. Most of our customers are people looking for emergency loans to sort out situations that require fast solutions.
Why does Mwananchi Credit stand out?
Loans in 6 Hours
If you apply for a car loan at Mwananchi credit, it should take you just 6 hours to get the money in your account. From the point of contacting us, we ask for the minimum requirements and after which the process starts.
3 Step Process
Our 3 step process makes sure we are efficient and still do our due diligence. The process goes from valuation; where we send our valuers to value your car where you are in, for car loans. Documentation is done and you fill in all the documents needed in just one sitting, then disbursement done to your account after confirming bank details
Affordable interest rates
Mwananchi offers affordable interest rates for all its car loans. The interest rates start from 1.5% and vary with every vehicle. The year of manufacture of your vehicle as well as the loan’s repayment period is taken into consideration.
Long Repayment Period
The repayment period for car loans in most microfinance companies is 12 months. However, Mwananchi credit offers logbook loans in up to 48 months to give customers ample time to repay their car loans.
Mwananchi Credit also offers a loan facility called weekend loans for all our existing customers. This facility is offered as a percentage of the initial loan and is repaid within a week. It aimss to sort the additional financial needs for our existing customers.