Frequently Asked Questions

• What services do you provide?

  We offer short term & quick loan facilities on Logbooks, NSE Shares, Asset Finance, Import Finance, Insurance Premium Finance and Trade Finance

• How much can one borrow?

  One can borrow up to 60% of the value of the vehicle with a minimum amount of Ksh. 100,000 and a maximum of Ksh. 5,000,000

• What is your interest rate?

  The interest rate is between 3.5% and 7.5% but this is dependable on the product chosen and the repayment period. Kindly refer to the product pages for further information.

• Who is eligible for a logbook loan?

  A Kenyan citizen with a legal source of income and a registered logbook

• Is there a limit to the age of the car?

  Yes. The minimum age of the car is between 2004 and 2006

• What are the charges for this facility?

  Processing fees and chattels fees, which are deducted from the loan. Monthly tracking charges are capitalized as part of the loan

• What is the repayment period for this facility?

  There is a flexible repayment period of up to 24 months

• Does the borrower need to open an account with Ngao Credit?

  No, we are a non-deposit taking microfinance. This means that you do not need to open an account or save with us. You can get a loan using a motor vehicle logbook or NSE listed shares.

• When does the 6 hours for loan disbursement start?

  After all the relevant documents (with regards to your loan of choice) have been submitted to your relationship officer.

• What if a customer has their own valuation?

  The valuation report is acceptable if the valuation company is on the panel of our approved valuers and the report should not be more than 3 months old. In the event one doesn’t have a valuation, upon payment we are able to contact any of the valuation companies in our panel & make arrangements for the valuation to be carried out at your own convenience.

• What happens if I cannot pay my monthly installments on time?

  If you are not in a position to pay your monthly payment foreseen in the original repayment plan, please contact your relationship officer to offer you a proper repayment plan according to your needs. However, we have a variety of loan restructure options where you can: Spread your loan balance over a longer duration and this way your loan installments reduce to affordable amounts. Normalise your account and continue paying your loan installments as before.

• What happens in the event of an accident or theft of a car?

  In the event of an accident or theft, you are obliged to notify the relevant authorities, your insurance company and Ngao Credit Limited. Further to this, Ngao Credit Limited will engage with the insurer and ensure your claim is paid in cases of total write off or your repairs have been done. Note that Ngao Credit has partnered with Lucent Insurers Brokers for easy & conventional insurance products.

• What if the car already has a tracker installed?

  We will need to install an additional tracker.

• How fast are your services?

  Our secured loans are processed between 2 to 6 hours

• Which securities can I use to access a loan?

  Auto Logbook NSE Shares

• Do you provide buy off services?

  Yes we do.