Vehicle Loans
General Vehicle Loans
Vehicles wholly for private use require 25% equity. Minibuses and Business vehicles require 75% equity. Vehicles originally purchased for private use and later converted to business within the loan term requires additional contribution to equity.
- Interest rate is 12%.
Rates and other terms are subject to change from time to time without notice.
Requirements
Documents
- Insurance Premium invoice
- Vehicle Valuation
- Mechanical Report (Reconditioned Vehicles)
- Vehicle Registration
- Employment letter
- Current Salary slip
- Last 2 years Financial Statements (Self-employed)
- Photo identification
Collateral
- 25% Deposit (private vehicles)
- 75% Deposit (passenger vans/taxis)
- Comprehensive insurance
- Bill of sale
Diamond Deal (Special Product Vehicle Loans)
The KCCU Diamond Deal loan product is a hybrid of the KCCU Diamond Wheels. The product was originally launched to commemorate our nation's 40th Anniversary of Independence. It covers private vehicle purchase, vehicle license and insurance.
- Interest rate is 8%
Rates and other terms are subject to change from time to time without notice.
Requirements
Documents
- Insurance Premium invoice
- Vehicle Valuation
- Mechanical Report (Reconditioned Vehicles)
- Vehicle Registration
- Employment letter
- Current Salary slip
- Photo identification
Collateral
- 8% Deposit
- Comprehensive insurance
- Bill of sale
Terms and Conditions
- Member must be employed for at least 2 years at a reputable company. (This can be reviewed on a case-by-case basis depending on the employer.)
- Vehicle purchased must be no older than 12 years model.
- Member must have access to direct deductions.
