Are you wondering how to get a Mwananchi credit boda boda loan? Mwananchi Credit offers low-interest motorbike loans at a fixed annual rate.
For over a decade now, Mwananchi Credit has operated in Kenya, providing credit and financial services to business startups and individuals in the form of logbook loans and other secured loans.
What is Mwananchi Credit?
The company started trading as Mwananchi Microlink Ltd on 15th April 2010 before officially changing its name to Mwananchi Credit Limited on 10th January 2012. The company has since become a household name in the country due to the wide range of products it currently offers.
One of their outstanding credit services is the Mwananchi credit boda boda loan product. They offer low-interest motorcycle loans by financing 70% of the total cost. In addition to loans, they provide the borrowers with insurance coverage worth Ksh9,000 each year. In the event of an accident, comprehensive insurance coverage will cover medical bills.
So how can one secure a mwananchi credit boda boda loan? This article will take you through the application process.
How to get Mwananchi Credit Boda Boda Loan
Before applying for a loan, a number of requirements have to be met by the applicant. These will help the company determine whether the applicant qualifies for a loan. It will also act as a means of contact they can use to reach you and as a form of security the loan provider has against the loanee.
Read How to get a Watu Credit Boda Boda Loan
Requirements for Mwananchi credit boda boda loan
To qualify for a loan with Mwananchi Credit Limited, you must have the following;
- 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.
Mwananchi Credit Motorbike loan product features
- Interest Rate: 3.5% per month. Processing Fee: 4% Application Fee: KES 500 CRB Fees: 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.
Application Process
- Visit a Mwananchi credit branch near you and select a motorbike model of your choice. You will be sown a variety of motorbikes from which you can chose from.
- Choose a repayment plan from the one provided by the company.
- Sign the contract and make a down payment of Kh 15,000.
- Operate your boda boda and start making payments.