Buy your dream car with auto financing
Looking for KES 500,000 to fund your car purchase? You have several options in Kenya. The typical amount people borrow for car purchaseranges from KES 500,000 - 5,000,000, making KES 500,000 a conservative choice.
With planned need like car purchase, take time to compare rates and negotiate better terms with multiple lenders.
KCB, Equity, Co-operative Bank - Personal Loans
Faulu, Kenya Women, SMEP - Personal Loans
Ensure you meet the minimum income requirement of KES 200,000and have a clean CRB credit report.
Use PesaMarket to compare interest rates, fees, and terms from multiple lenders. Apply to 2-3 lenders simultaneously for the best deal.
Prepare your National ID, payslips (last 3 months), bank statements (6 months), and any purpose-specific documents.
Fill out online applications or visit branches. For KES 500,000, expect approval within 3-7 days.
Once approved, funds are disbursed directly to your M-Pesa or bank account. Start making monthly repayments as per your agreement.
Compare KES 500,000 loan offers from multiple lenders and choose the best rate.
Compare All LoansCalculate Monthly PaymentYes, but your options will be limited. Consider mobile money loans, microfinance banks, or secured loans with collateral. Interest rates will be higher (18-25% p.a.).
For amounts between KES 50,000-500,000, expect 3-7 days for approval from commercial banks or microfinance institutions.
Interest rates vary by lender and your credit profile. Expect 13-16% p.a. from commercial banks, 15-18% from microfinance, and up to 25% from digital lenders. Always compare multiple offers.
No, most personal loans up to KES 500,000 are unsecured (no collateral required). Your income and credit history serve as the basis for approval.