Top 10 Motorbike Logbook Loan Providers in Kenya: A Comprehensive Guide

Motorbike logbook loans have gained immense popularity in Kenya, allowing individuals to access funds using their vehicles as collateral. These loans have become a lifeline for many, especially those who need help securing traditional forms of Credit due to poor credit history. In this comprehensive article, we will delve into Kenya's top 10 motorbike logbook loan providers, exploring their features, requirements, and benefits. Whether you're a bodaboda operator looking to finance your motorcycle or an individual seeking quick cash, this guide will provide you with all the essential information you need to make an informed decision.

READ ALSO: Mwananchi Credit Logbook Loans: How To Apply, Loan Amounts, Requirements, And More

What is a Motorbike Logbook Loan?

Motorbike logbook loans are a subset of secured loans where the borrower leverages their motorbike as collateral. Essentially, you're borrowing against the value of your vehicle. Over the past few years, this financing model has surged in Kenya, especially among those who find doors closed in traditional credit avenues.

Why Consider a Motorbike Logbook Loan?

1. Ease of Access: These loans often require minimal paperwork, making them accessible even for those with a not-so-impressive credit history.

 2. Fast Disbursement: Some institutions promise cash within 24 hours of application! 

3. Retain Use of Your Motorbike: The vehicle is collateral, but you can keep using it as you repay the loan.

However, with high-interest rates and the risk of losing your motorbike in case of default, it's crucial to approach cautiously.

Top Providers of Logbook Loans in Kenya

1. Platinum Credit Limited: Your Trusted Logbook Loan Provider

Platinum Credit Limited is one of Kenya's leading logbook loan providers, boasting an extensive presence across East Africa, including Uganda and Tanzania. Established in 2003, the company offers logbook loans, salary advance loans, asset financing, and mobile banking services through its PesaPap App. Platinum Credit is known for its competitive interest rates, flexible repayment terms, and quick loan processing, making it an ideal choice for many borrowers.

To obtain a logbook loan from Platinum Credit, borrowers need to provide the following documents:

1. Vehicle logbook
2. Copy of national ID
3. Proof of income

The vehicle's value determines the loan amount, and the repayment period typically ranges from 1 to 3 years.

2. Bashy African Credit: Your Quick and Easy Logbook Loan Solution

Bashy African Credit is a reputable financial institution offering quick emergency logbook loans against cars and other motor vehicles. With an interest rate of approximately 2.5% (per week) and a repayment period of up to 12 months, Bashy African Credit provides borrowers with an accessible and straightforward borrowing process.

To secure a quick car logbook loan from Bashy African Credit Limited, borrowers must provide the following documents:

1. Original Car Logbook
2. Original National ID
3. KRA PIN
4. Passport Photos

Application Fees: Valuation Fees Kshs 2,500, Legal Fees Kshs 1000, and Logbook Search Fee Kshs 1,000

3. Phoenix Capital: Flexible Logbook Loans with Swift Processing

Phoenix Capital offers flexible logbook loans of up to 70% of your car's value, providing borrowers with the convenience of using their vehicles during the loan period. The company processes loan applications swiftly, enabling borrowers to receive instant cash within 2 hours.

To secure a quick motor vehicle logbook loan from Phoenix Capital, borrowers must provide the following documents:

1. KRA pin
2. Passport photo
3. Original logbook
4. Certified 6-month bank statements
5. Comprehensive insurance cover

Phoenix Capital provides loans ranging from Ksh 50,000 to Ksh 2,000,000, with a maximum repayment period of 24 months and a minimum repayment period of 1 month.

4. Ngao Credit: Fast Turnaround Logbook Loans with No Prepayment Penalties

Ngao Credit, established in 2017, offers logbook loans to vehicle owners with a focus on quick disbursement and transparent loan terms. Borrowers can receive their funds within 24 hours of application approval, making it an attractive option for those needing urgent financial assistance. One of the notable features of Ngao Credit is the absence of prepayment penalties, allowing borrowers to pay off their loans early without incurring extra fees.

To obtain a logbook loan from Ngao Credit, borrowers must provide the following documents:

• Original motor vehicle logbook
• Original national ID
• KRA PIN certificate
• Bank and M-Pesa statements for the last 12 months
• Comprehensive motor vehicle insurance cover

5. Momentum Credit: Your 24-Hour Fast and Transparent Logbook Loan Lender

Momentum Credit is Kenya's premier structured non-banking financial lender, aiming to transform Africa through its 24-hour fast and transparent financing services. The company offers logbook loans of up to Ksh 2,000,000 to cater to personal and business financial needs without requiring borrowers to sell their vehicles.

To secure a quick car logbook loan from Momentum Credit, borrowers must provide the following documents:

• Original Logbook
• Copy of ID
• KRA Pin

Momentum Credit provides flexible loan terms of up to 18 months, financing up to 60% of the car's value.

Top Providers of Motorbike Logbook Loans in Kenya

1. Mwananchi Credit: Flexibility and Convenience for Motorcycle Ownership

Mwananchi Credit is a renowned company in Kenya specializing in loans for aspiring motorcycle owners. With a flexible payment plan of Ksh. 300 daily and loan terms ranging from 12 to 48 months, Mwananchi Credit makes motorcycle ownership accessible and convenient for many borrowers.

To qualify for a motorcycle loan from Mwananchi Credit, borrowers need to provide the following documents:

1. Colored Passport Photo
2. Copy of national ID
3. Copy of KRA PIN
4. Six months certified M-Pesa Statement
5. Three guarantors (Provide ID copies, one Guarantor to be a relative)
6. Client contribution Ksh. 15,000

2. Ndege Chai SACCO: Your Reliable Bodaboda Loan Provider

If you are a member of Ndege Chai SACCO, you are eligible for a bodaboda loan with a repayment period of 18 months and an interest rate of 14% p.a., reducing your balance. The SACCO disburses motorbikes on a first-come-first-served basis, offering an excellent opportunity for bodaboda operators to grow their businesses.

To secure a bodaboda loan from Ndege Chai SACCO, borrowers must fulfill the following requirements:

1. Member to contribute Kshs 15,000 of the cost of the motorcycle
2. guaranteed by 4 guarantors
3. A logbook is to be retained by the financier until clearance of the loan.

3. Watu Africa Credit: Unsecured Motorcycle Financing with Technological Innovation

Watu Credit Limited harnesses technology to offer unsecured lending, primarily through mobile services. The company offers asset financing for motorcycles and three-wheelers, making it a reliable choice for individuals looking to finance their motorcycle purchases.

To qualify for a loan from Watu Africa Credit, borrowers need to provide the following documents:

1. A down payment of Kshs 15,000 for motorbike financing
2. Original National ID (borrower and one Guarantor)
3. KRA PIN certificate
4. Borrower's age 18-19 years (must be accompanied by a guardian)
5. One Guarantor (aged 20 years and above)
6. A Safaricom phone number in use for the last 6 months

9. Kenya Commercial Bank (KCB): Empowering Bodaboda Operators with Loans

Kenya Commercial Bank (KCB) is one of the leading banks offering loans to bodaboda operators, enabling them to own their motorcycles and boost their businesses. KCB finances up to 70% of the motorcycle's cost while the customer covers the remaining 30%.

To qualify for a bodaboda loan from KCB  borrowers must meet the following requirements:

1. Proforma invoice from Bodaboda dealers
2. Valid driving license of the rider/driver
3. An active account with any business institution where business proceeds are remitted for at least 3 months
4. Demonstrate the ability to repay the loan

The bank finances up to 70% of the motorcycle's cost while the customer contributes 30%

10. MOGO Loan: Your Leading Vehicle Financing Company

MOGO is Kenya's leading vehicle financing company, offering quick and flexible services for individuals seeking to purchase bodabodas with a deposit of Ksh. 15,000, borrowers can ride their bodabodas home and become legal owners within 52 to 104 weeks.

To get a boxer motorcycle loan in Kenya with MOGO, borrowers must meet the following criteria:

1. Provide a 3-month M-Pesa statement
2. Provide personal ID
3. KRA PIN certificate
4. Be aged between 20-60 years old
5. Have one Guarantor

Which  Providers of Motorbike Logbook Loans in Kenya do we highly recommend 

1. Platinum Credit Limited

• Established: 2003
• Services: Logbook loans, salary advance loans, mobile banking via PesaPap App.
• Requirements: Vehicle logbook, National ID copy, Proof of income.

2. Bashy African Credit

• USP: Quick emergency loans with minimal requirements and no CRB check.
• Interest Rate: About 2.5% per week.
• Requirements: Original car logbook, National ID, KRA PIN, 2 passport photos, and associated application fees.

3. Phoenix Capital

• Loan Value: Up to 70% of your car's value.
• Repayment Duration: 1 to 24 months.
• Requirements: KRA pin, passport photo, original logbook, 6-month bank statements, comprehensive insurance.

4. Ngao Credit

• Highlights: Fast loan disbursement within 24 hours without any prepayment penalties.
• Requirements: Motor vehicle logbook, National ID, KRA PIN certificate, Bank and M-Pesa statements for the last 12 months, Comprehensive motor vehicle insurance.

5. Momentum Credit

• Loan Amount: Up to Ksh 2,000,000 within 24 hours.
• Benefits: No early settlement fees and flexible loan terms.
• Requirements: Original logbook, ID copy, KRA Pin.

How to Transfer a Logbook in Kenya

Selling your motorcycle? A logbook transfer becomes necessary. Here's a simplified guide:

1. Registration: Both parties need individual accounts on the NTSA website.
2. Vehicle Details: The seller initiates the transfer, inputting vehicle details and uploading a logbook scan.
3. Verification and Confirmation: After the seller completes their part, the buyer receives an SMS notification to accept or decline the transfer on the NTSA platform.
4. Final Steps: After the buyer's acceptance, the application goes to NTSA for final processing. The new logbook is then usually ready within seven working days.

READ ALSO: TOP 10 Best Logbook Loans in Kenya: Comprehensive Guide to Fast and Accessible Financing

Conclusion

In conclusion, motorbike logbook loans have become an indispensable financial solution for individuals and businesses in Kenya. The availability of these loans from reputable lenders empowers aspiring motorcycle owners and bodaboda operators, facilitating economic growth and financial independence. As you explore your options for logbook loans, you must consider factors such as interest rates, repayment terms, loan processing times, and additional fees.

Remember to carefully review each lender's requirements and ensure you meet the eligibility criteria before applying for a loan. With the right logbook loan, you can access the funds you need while retaining ownership of your motorbike. Always exercise responsible borrowing practices and make timely repayments to enjoy a hassle-free and successful borrowing experience.

Disclaimer

The information provided in this article is for informational purposes only. The availability of logbook loans and their terms may vary, and interested individuals should conduct their own research and due diligence before entering into any financial agreement. The article does not constitute financial advice, and readers are encouraged to consult financial experts or loan advisors for personalized recommendations.