Where can I get a motorcycle loan in Kenya?

How can I get motorcycle loan in Kenya?

To get a loan with MOGO, you need to meet these criteria:

  1. Provide 3 months M-Pesa statement.
  2. Provide Personal ID.
  3. Own KRA Pin.
  4. Be 20 – 60 years old.
  5. Have 1 guarantor.

How can I finance a motorcycle?

Hire Purchase (HP) is the most common. You secure a loan against the motorbike, which you can then ride, and pay the loan off over time. Once the last payment has been made, the bike is yours. Personal Contract Purchase (PCP) is less common and only available to people with good credit ratings.

How much is a Bodaboda in Kenya?

A boda boda costs between Sh58,000 and Sh150,000. Because of their affordability, many youth across cities, towns and rural areas continue to acquire them. Economic Survey 2020 shows boda bodas and tuk tuk registration in the past year rose by 22,172 units, defying tough economic times that has hit most Kenyans.

Are motorcycle loans easy to get?

There’s no minimum credit score required for a motorcycle loan, but the better your score, the easier it may be to qualify for better rates and terms. In general, a higher credit score will lead to a lower interest rate on your loan and, therefore, less spent on interest charges over the life of the loan.

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How much does a motorbike earn per day in Kenya?

Before the new taxes, you could get a good motorbike at less than Sh100, 000,” Mubadi said. “Majority of riders in busy urban areas make more than Sh2,000 per day while those in rural areas make up to Sh800.”

How much is a boxer motorcycle in Kenya?


Can you finance a bike without a license?

Yes, if you buy the bike cash, you can do it without a licence. … If you finance the bike, the bank would want proof of insurance on the bike before they give a release note to the seller. And the insurance company will not cover the motorcycle with an unlicensed rider.

How long should you finance a motorcycle?

An ideal motorcycle loan should have a life of 24 to 36 months, and definitely no more than 60 months.

Is owning a motorcycle cheaper than a car?

In general, motorcycles are cheaper and more cost efficient compared to owning a car with a few exceptions. When recognizing a motorcycle to be “cheaper”, the cost to maintain, repair, and insure a motorcycle is considered since it’s usually less than a car.

Which is the best motorcycle for Bodaboda in Kenya?

Among the best motorcycle brands in Kenya suitable for a boda boda business include:

  • Boxer.
  • TVS.
  • Dayun.
  • Honda.
  • Yamaha.
  • Suzuki.
  • Ranger.
  • Lion.

How much is Kibo motorbike in Kenya?

The company’s name, Kibo, is derived from the Swahili word for ‘hippo’. The Kibo K150 is priced at 3,42,200 Kenyan Shillings (just over Rs 2 lakh).

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How does Watu credit work?

We empower entrepreneurs with transportation vehicles to start earning daily income immediately. Watu sells 2-wheelers (okada/motorcycle) and 3-wheelers (keke/tricycles) with payment deferral up to 1 year.