The Boda-Boda Loan Companies in Kenya are thriving and expanding because motorcycle transport is gaining traction in the modern days.
Increased demand makes the Boda-Boda business one of the most profitable businesses to start with Ksh. 100k as it is fast and convenient, especially in the cities.
The sector employs over a million people who earn atleast Ksh. 1,000 daily per rider with an estimated minimum annual earning of Ksh. 365 billion Nationally.
Watu Africa
As one of the Boda-Boda Loan Companies in Kenya, Watu Africa contributes to mobility growth throughout Africa by connecting people to financial services.
They offer fast and transparent boda boda and tuk tuk loans with a turnaround time of just 2 hours.
Also, they provide customers with repayment plans for up to 24 months duration along with the facility of GPS tracking as a security feature.
Requirements to qualify for a loan from Watu Africa:
Original National ID for both borrower and one guarantor
KRA PIN Certificate
Minimum down payment for the selected asset
One guarantor aged between 20-65 years old
Two referees
Safaricom phone number registered for M-Pesa and actively used for the last 6 months.
Watu Africa Contacts
0790 000 999
0709 739 000
0719 111 000 (Emergencies)
Mwananchi Credit
Mwananchi Credit a Boda-Boda Loan Company in Kenya, creates tailor-made short-term instalments for motorcycles people to own a bike with no worry about finances.
Features OF Mwananchi boda boda loan:
Processing fee 4%.
3.5% per year interest.
Application fees of Kshs 500, CRB fees of Kshs 300.
Shimin Insurance Agency only insurance at Kshs 7,600 (strictly).
The tracking charge is Kshs 10,000.
The repayment period for the loan should not exceed eighteen months.
Daily or weekly payment schedules are acceptable.
The pay bill number for Mpesa is the preferred mode of payment.
To qualify applicants must provide:
Colored Passport Photo
Copy of ID
Copy of KRA Pin
Six Months Certified M-Pesa Statement
Three Guarantors (with ID copies, one being a relative)
A commitment fee deposit of KES 15,000
Mwananchi Credit’s Contacts
0709147000
Progressive Credit
Progressive Credit one of the Boda-Boda Loan Companies in Kenya has a minimum motorcycle loan limit of Ksh100,000 for both the purchase of new bikes and pre-owned ones.
Since its establishment in 2011, Progressive Credit has been championing high-risk lending areas, thus increasing the social inclusion of its financial products.
For second-hand boda loans, the application process requires a deposit of Ksh10,000 plus supporting documents.
Progressive Credit offers the best rates which are competent and easy to use.
However, they have a limited branch network outside of the Mount Kenya regions thus a lapse.
Nevertheless, the prominent customer support service and a quickly processed loan process make Progressive Credit a dependable lender for motorcycle financing in Kenya.
Requirements
National ID card
1 guarantor with a national ID card good credit score
KRA PIN
6 months of Mpesa statements
Progressive Credit Contacts
Customer Care: 0704448755
Email: cs@progressivecr.com
WhatsApp: 0789796477
MOGO Credit
In Kenya MOGO Credit yet another Boda-Boda Loan Companies in Kenya offers a pliable and convenient loan brand.
Branding a wide portfolio of loan packages purposed to satisfy different needs of people.
Mogo provides the necessary means for individuals to achieve their dreams of owning Boda Boda on a quick and efficient basis.
By having an easy online application form and a dedication to offering the lowest price guarantee, MOGO makes the buying process easy for customers.
Features
(1) Begin your journey with payments as low as Kshs 300 per day.
(2) Get started with an initial payment of just Kshs 20,000.
(3) Select from a wide range of motorbike models and hit the road within 24 hours.
(4) Enjoy a flexible repayment period spanning 52 to 104 weeks, tailored to your preferences.
Applicants must meet the following criteria:
(i) Down payment from only 20% of the bike’s value
(ii) Provide a 6-month M-PESA statement
(iii) Provide National ID and KRA Pin
(iv) Be between 20 and 65 years old
(v) Have 1 guarantor
MOGO Credit Contacts
0768469112
info@mogo.co.ke
WhatsApp: Check loan balance, make payments
+254 0768469112
Emergency; accident, theft, etc.
0719089999
KCB Bank
The Bank also falls in the list of Boda-Boda Loan Companies in Kenya providing finance for the purchase of Boda Bodas and tuk-tuks.
They also offer comprehensive insurance coverage and a minimal fee of 3% of the loan amount.
Here is what makes KCB Bank’s offerings stand out:
Comprehensive insurance with affordable rates as Boda bodas will be charged Kshs 9,600 per annum while tuk-tuks will be charged 15,000 per annum.
Have access to a flexible repayment period of 12 or 24 months for tuk-tuks and 12 months for motorbikes, depending on your financial needs.
Shop at quality Boda Boda and tuk-tuk dealers and take advantage of their special price offers, which will elevate your buying experience.
To qualify for KCB Bank’s boda-boda loan:
Maintain an active account with any business organization for at least 3 months, in which business proceeds are regularly sent.
Submit a proforma invoice from the authorized Boda Boda and tuk-tuk dealers.
Have a valid driving license according to set regulatory requirements.
Demonstrate likewise that you are capable of paying a loan back promptly.
Get ready to contribute 30% of the cost with KCB Bank contributing the remaining 70%.
Fasteners with pledges on deposits on simple deposits that are given by KCB may be used for the collateral.
Eliminate the need for a guarantor for joint vehicle registrations.
Maintain an active account with any business organization for at least 3 months, in which business proceeds are regularly sent.
Submit a proforma invoice from the authorized Boda Boda and tuk-tuk dealers.
Have a valid driving license according to set regulatory requirements.
Demonstrate likewise that you are capable of paying a loan back promptly.
Get ready to contribute 30% of the cost with KCB Bank contributing the remaining 70%.
Fasteners with pledges on deposits on simple deposits that are given by KCB may be used for the collateral.
Eliminate the need for a guarantor for joint vehicle registrations.
KCB Bank Contacts
Contact Centre:
+254711087000
+254732187000
+254202287001
WhatsApp line:
+254711087087
