MOTOR VEHICLE AND MACHINERY LOAN PROCESS – KIMISITU SACCO
- Confirm loan eligibility though the web-portal or inquiry from the office
- Identify the motor vehicle of your choice which the manufacture date is below 10 years
- Get sale of agreement from the seller,
Fill in the loan application form and attach the following:
- Sale agreement
- Copy of your ID and KRA PIN certificate
- Copy of Seller’s I.D and PIN certificate.
- If it is a company certificate of incorporation and KRA PIN certificate.
- Payment deposits slip of Kshs 3,500 to facilitate valuation and KRA ownership search.
Then submit the application to the Sacco offices
- Once the application is received in the office
- A letter will be issued instructing our Valuers to inspect and provide value for the vehicle.
- Upon receiving valuation report, the application will be appraised and presented to the Credit committee for approval.
Immediately after approval, the Sacco will provide the following:
- An undertaking to the seller
- Letter requesting the insurance to recognize the Sacco interest in the vehicle.
- Communication to the tracking company to install the tracking gadget
- Car Agreement form to be filled by the applicant.
The applicant is also expected to provide the following:
- Car Agreement form dully filled.
- Signed blank NTSA motor vehicle transfer form
- Letter from the Insurance company recognizing the Sacco interest in the vehicle
- Tracking certificate from our pre-qualified provider.
The seller will then be expected to submit the following:
- Logbook jointly owned by the Sacco and the member.
- Bank details for the seller
Upon receiving the above documents, the funds will be released to the seller, then the seller releases the vehicle to the member.
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