The actualization of the scheme has drawn nigh. This is after the legal
regulations setting up the scheme were tabled before the National Assembly on
14 October 2015.
The fund will provide car loan
facility for state officers and public officers of the national government. (Most likely in the 2016/2017 financial year).
The frame work also states that the
fund's initial capital is Kshs. 1 billion as appropriated by Parliament.
The fund is to be managed by an advisory
board.
Application
The following documents are needed
in order to apply for the loan.
1. A dully
filled application form.
2. Certified copy
of ID or passport.
3. Copies of
payslips for the immediate last three months certified by the respective
accounting officer.
4. Certified
copy of sales agreement.
5. Certified
copy of the log book.
6. A non
refundable application fee of Kshs. 1,000.
7. A valuation
report on the motor car.
Interest
Rate: 3% per annum
Repayment
Period: Five (5) years.
Loan Thresholds
Job group A, B, C, D, E and F: KShs.
600,000.
Job G, H and J: KShs. 800,000.
Job group K, L, M and N: Kshs. 1.5
million.
Job group P, Q and R: KSh.
3,000,000.
Job group S, T and U: KShs.
4,000,000.