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Logbook Loan (LL)

Interest Rate: Company's Standard Rate/Negotiable

Logbook loans are secured by borrower's car, van or motorcycle. While making repayments borrowers keep possession of their vehicle and continue to use it.

Requirements

To qualify, the applicant must:
  1. Own a private, commercial or passenger service vehicle.
  2. Furnish a certified copy of a valid ID (driving licence, national ID, voter's ID)
  3. Furnish a certified bank statement(s) for the last three months.
  4. Furnish a certified copy of TIN.
  5. Furnish one recent colour passport sized photograph.
  6. Furnish Original Vehicle Logbook following which the Company shall be registered as a joint owner.
  7. Furnish Valid Comprehensive Insurance cover.
  8. Furnish a valuation report from a valuer listed as one the Company's service providers.
  9. Pay car gadget (GPS tracker) charges.
  10. Furnish a certified copy of the certificate of incorporation/registration (for business owners only)
  11. Furnish certified copies of latest 3 months pay slips (for salaried employees only)
  12. Furnish certified copy of the employment contract (for salaried employees only) and

Terms

  1. Repayment period ranges from 1 to 18 months (maximum).
  2. There are no penalties where the borrower opts to discharge financial liability before the end of the contract term.

Amounts

Minimum loan amount: TZS. 1,000,000.00
Maximum loan amount: TZS. 25,000,000.00

Access to Facility

The customer will be able to access the facility within 24 hours upon receiving a notice of approval which may be sent either physically or electronically.