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KCB is one of the best banks to get boda boda or Tuk tuk loan from.The loan amount is up to 70% of the purchase price.The maximum loan is Ksh 5000,000.
The company will also give you comprehensive insurance of Ksh 9,600 for boda boda and Ksh 15,000 for tuk tuk.
Repayment period for the loan is 24 months for tuk tuk and 12 months for boda boda.
Requirements for the loan
- An active account with any business institution where business proceeds are remitted for at least 3 months
- Proforma invoice from Boda Boda and Tuk Tuk dealers
- Valid driving license of the rider/driver
- Demonstrate your ability to repay the loan
- Bank to finance up to 70% while the customer to meet 30% of the cost
- Guarantee by KCB account holder where a Log book is held on simple deposit
- Where a joint registration is done for the log book, a guarantor is not required
- 6 months ’KCB banking history or 3 months’ group savings
Interest rate is from 8% per year.
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