Boda Boda Loans – Mwananchi Credit

boda boda loans

Boda boda do not come at a low price and hence the need to find the best boda boda loans that you can pay back comfortably. Boda boda is a local name for the motorcycle used as a means of public transport in Kenya. Owning one gives you a chance to make an income or ease your movement from one place to the other.

A loan to buy a motorbike comes in handy; whether you want to get into the transport business or not, you can access one as long as you have the lender’s loan qualifications. Lenders have their terms that you must adhere to, but it is easy for you to win a boda boda with as little as Ksh15 000. Besides, boda boda loans are repaid within a period of between 52 and 78 weeks in small installments as low as sh300 per day.

Boda Boda Loans in Kenya

If you are looking for boda boda loans in Kenya, look for a company that will give you as much as 70% financing. They quicken your process of buying a motorbike because you do not have to wait until you have save enough money. The boda boda loans come with other benefits that enable you to start off your boda business as soon as your loan is approved, and they include:

Insurance Cover

When you get motorbike loans, you also get a comprehensive insurance cover, which costs Ksh 9,000 per annum for boda. The policy covers medical costs in case the rider is involved in an accident. The insurance also covers damage to properties where you are at fault. Besides, the boda is covered for unexpected events, including harsh weather, fire, or theft.

Friendly Loan terms

The loan is up to 70% of the total cost of your boda. This enables you to buy a motorcycle in installments that are easier to get than the whole amount to buy your bike.

Easy repayments

A loan motorcycle from a reliable lender gives you plenty of time to repay it. With up to 78 months, you can pay within a year; you are allowed to choose a repayment period that suits your income.

Preferential pricing is given by dealers

Some boda boda loan providers have preferential pricing that attracts people looking forward to owning motorbikes for business. They only ask for about Ksh15 000 and pay the loan in small installments, which suits their financial ability.

Terms and conditions of the motorbike loan

Mwananchi boda boda loans are easy to access, but they have their terms and conditions that you must adhere to. You are given a document with all terms and conditions to read before signing to get the money. Take your time to read the fine print before you sign and accept boda loan.

Other terms and conditions include six months Mpesa or bank statement and identity documents such as an ID or a passport. You must also be between 18 and 50 years for most lenders to consider you. Other things that you must have:

  • An active financial account with a bank or any other business institution showing about three months’ transactions- not a must with Mwananchi
  • A valid rider’s license
  • Prove that you can repay the loan
  • Meet about 30% of your biker’s cost to get the 70% boda financing
  • Have KRA pin
  • Have at least two referees

In addition to the above, your lender may require more information. If they call or receive an email from the asking for any further details, provide the details. This will increase your chances of qualifying for the loan. The terms and conditions vary from one lender to another. Most of the boda boda loans Kenya and authorized dealerships give boxer motorcycle loan, but it is possible to buy other models such as Ranger, Kifaru, Dayun, TVS, Haojin, Honda, Jincheng, Skygo, Yamaha, Lifan, Sonlink and Evalast. Buying a motorbike in Kenya has been made easy, thanks to boda boda loans.

Mwananchi – Boda Boda Loans Leader in Kenya

Mwananchi comes in handy when you do not have money to pay for your motorcycle. Bikes on loan have become popular in Kenya, and the best thing about them is that they are new. Mwananchi Credit helps you to finance your purchase as long as you have your deposit and agree with their terms and conditions.

Why choose Mwananchi Boda Loan

Mwananchi Credit is just a call for anyone looking for a loan to buy a bike for business or just for leisure use. You can explore your country by taking long rides across Kenya on your motorbike. Mwananchi has flexibility that allows you to buy that boda that looks way out of your price. You can use their loan calculator to know how much motorbike loans pay monthly will cost you. They have flexible options that spread your repayments over a long period. Here are more reasons to borrow boda boda loans in Kenya from Mwananchi.

Competitive Interest Rates

Mwananchi Credit gives borrowers competitive and friendly interest rates. They do not have hidden charges, making loans affordable easy for many young people looking forward to buying boda bodas. The reduced loan interest rate enables you to borrow a loan at your pocket’s convenience, meaning repayments will be easy.

Flexibility

Mwananchi uses your motorbike as loan security, which allows flexibility to borrowers.

Efficient Service

Customers are served according to their needs because the company offers efficient and excellent services. They strive to delight their customers and ensure they get the satisfaction desired.

Professional Staff

Mwananchi is a team of friendly professionals and will go the extra mile to give you the best services. They offer customer service on time, and they are pleasant to everyone.

Convenience

Mwananchi Credit Company allows customers to apply for loans online from wherever they may be. They ensure you receive services and products from wherever you may be. This saves you from traveling a long distance to apply for loans.

Clear Transaction Records

Mwananchi keeps transaction records clearly, making it easy to track everything. You are assured accuracy for all future references regarding your boda boda loan.

What Happens When You Default Motorbike Loans in Kenya

If you cannot make your daily payments on time, you should communicate with Mwananchi Credit. Let them know your situation and advise you accordingly. In some cases, they may re-establish your more affordable repayment arrangements. They will ask questions to establish your financial problems and come with the best plan for you. This applies for genuine cases.  

Boda Boda Loans with Bad Credit Score

A credit score is essential when applying for motorbikes on loan. If you have been late on any loan, your credit score is definitely not perfect. However, you can still qualify though at a higher interest and two verified guarantors with excellent credit history. Every individual is treated according to their situation.

It is hard for any lender to trust you, and it is recommended that you clear any loan you may have before applying for a captain motorcycle loan or any motorbike. At Mwananchi, we offer loans to every person, regardless of the credit history- even though we encourage you to avoid defaulting.

How to Get Bodaboda Loans in Kenya

Those who love motorbikes or would like to invest in boda boda for business can access loans to buy a motorbike on Kenya. Nothing beats the ability to start your business, and boda boda loans make it possible effortlessly. However, before you commit to any dealership, you should ask yourself the following questions:

  • Must you buy the motorcycle on loan?
  • How much loan is affordable to you?
  • Do you have enough finances to maintain and cater to other costs of the bike?
  • What is the best model for you?
  • Where will you get your boda loan?

How Much Loan Motorcycle Can You Afford?

You cannot overlook the cost of a motorbike. It may be cheaper than a vehicle, but the investment is quite significant. So, you should get motorbike loans in Kenya that you can repay without too much struggle. Here are some steps that you take to make a sound decision:

  • Add the value of your cash assets.
  • Calculate all your monthly expenses
  • Check how much you remain after deducting your monthly expenses. You should not strain your household expenses. If you want to invest in the boda for business, talk to those already in the industry to know how much you can make in a day.
  • Try to repay the loan within the shortest time possible because motorbikes tend to depreciate fast.

Conclusion

If you are looking for boda boda loans, you should look for the best quote available. Whether you want a TVS motorcycle loan in Kenya or any other model, compare different lenders. Motorcycles are an excellent investment in Kenya and the easiest way to get into the transport industry. Mwananchi is one of the lenders that help you buy a bike, and you pay in easy installments. Apply for the boda loan now!

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