Who this loan is for?
This loan is best suited for members operating in the boda boda industry. It provides financial support to acquire motorcycles or manage related transport expenses while offering a payment plan that fits the nature of daily income earners.
- Boda Boda Loan
Loan Details
Required Documents
- Valid National ID of the applicant
- Loan application form (duly filled)
- 2 guarantors with valid IDs
- One passport photo of the applicant and next of kin
- Proof of boda boda business engagement (e.g., permit, receipts)
Additional Charges
- 0.7% loan insurance
- 2% loan commission
- 1% loan monitoring/appraisal fee
- UGX 15,000 stationery charge
- UGX 15,000 stamp duty (for loans above UGX 3 million)
Why Choose This Loan
- Tailored for daily income earners
- Flexible weekly repayment plan
- Accessible for both new and existing riders
- Encourages business ownership and independence
- Loan Features
Loan Amount
Members can access up to UGX 6,000,000 based on their contribution and repayment ability.
Repayment Period
The loan can be repaid over a period of up to 24 months, offering ample time for installment payments.
Interest Rate
Interest is charged at 36% per annum on a declining balance, making repayments more manageable over time.
Upfront Contribution
An upfront contribution of UGX 1,300,000 is required from the borrower before disbursement.
Repayment Mode
Repayments are made weekly, with a required weekly deposit of UGX 90,000 on the borrower’s SACCO account.
Ready to Apply?
Visit your nearest branch or call 0782378716 to speak to a loan officer.
You can also email us at rwanyamahembesacco@yahoo.com.
