This product enables young entrepreneurs’ access funding for purchase of Boda Boda due to lack of full capital.
Who is eligible?
- Customers should be Operating Boda Boda Business or inactive income-generating ventures.
- Guarantors should be Operating within the Same Locality or Same work Colleagues.
- Customers should Contribute to KES 15,000.
- Interest Rate: 3.5% per month. Processing Fee: 4% Application Fee: KES 500 CRB Fees: KES 300
- Loan Form: KES 300
- Comprehensive Insurance Fee: KES 7,600 (Strictly by Shimin Insurance Agency)
- Tracking Fee: KES 10,000 Credit Life Insurance: 1%
- Loan repayment term: Max 18 Months. Repayment Frequency: Daily or Weekly. Repayment Method: Mpesa Playbill Number.
BODA BODA LOANS REQUIREMENTS
- Colored Passport Photo.
- Copy of ID.
- Copy of KRA Pin.
- Six Months Certified M-Pesa Statement.
- Three Guarantors (Provide ID copies, one guarantor to be a relative).
- Client Contribution KES.15,000.
- Bike Comprehensive Insurance.
- Bike fitted with a tracking device.
- Low daily payment of KES 300 per day.