Facts about Watu Credit Loans Kenya,logbook loans,car loans,bodaboda loans,tuktuk loans,smartphone loans

Below are all the details you need to know about Watu Credit loans Kenya.You will be provided with boda boda loans,tuk tuk loans,car loans,smartphone loans.

Boda boda loans

To qualify for a loan, you need to have:

·  Original National ID (borrower and one guarantor)

·  KRA PIN Certificate

·  A minimum down payment of Kshs 20,000 for motorbike financing or Kshs 50,000 for tuk tuk financing with a repayment period of up to 24 months

·  One guarantor (20-65 years old)

·  Two referees

·  A Safaricom phone number that is registered for M-Pesa and has been in use for the last 6 months

Ready to get started? Ride away with your own boda boda or tuk tuk today!

Watu is one of the leading asset financing companies in Kenya, providing boda boda and tuk tuk loans to thousands of aspiring business owners every day!

With a down payment of Kshs 20,000, you can become a proud boda boda owner within 2 hours! We offer flexible payment terms of up to 24 months, and your loan comes with comprehensive insurance and GPS tracking services. In addition, Watu works with over 400 authorised dealers across Kenya so that you can ride the two-wheeler of your choice! Choose any boda boda or tuk tuk model from Bajaj, Haojin, Honda, Jincheng, Lifan, Piaggio, Skygo, Sonlink and TVS.

Looking for tuk tuk financing? Pay a minimum down payment of Kshs 50,000 and start your journey today!

What documents do I need to sign to access the loan?

You need to sign a loan agreement which details the terms of the loan and a security agreement which provides that the Vehicle is security for the loan and which allows Watu to sell the Vehicle if there is a default under the loan agreement.

What are the requirements for one to get financing from Watu?

To qualify for a loan, one is required to have the following:

• Original National ID (borrower and one guarantor)
• KRA PIN certificate
• Borrower’s age 18-19 years (must be accompanied by a guardian) 20-65 as normal
• 1 Guarantor (aged 20 years and above)
• Two referees above 18 years old
• A minimum down payment of Kshs 20,000 for motorbike financing and from Kshs 50,000 for tuk-tuk financing
• A Safaricom phone number that is registered for M-Pesa and has been in use for the last 6 months.

How long does it take for me to get my motorbike/three-wheeler once I complete the loan application?

It only takes 2 hours to apply and acquire a motorbike/three-wheeler upon application. However, in case of unforeseen delay, the front office officer serving you will notify you of the earliest possible time to get the motorbike/three-wheeler.

What does the total value of the loan include?

The loan is made up of principal, interest and fees (to cover, for example, GPS tracking and insurance costs). This information you will find summarized on the first page of your loan agreement.

What devices do Watu Simu finance?

Watu Simu currently finances a select range of Samsung Galaxy smartphones and tablets. The devices have a manufacturer’s warranty period of 24 months. Terms & Conditions apply. 

How can I get a device through Watu Simu?

To qualify for device financing, you need to have the following:

• An original National ID.
• No active loans with Watu.
• Be at least 18 years old.
• An active mobile money transaction line.
• Next of kin contact details (the contact must be available/online for verification).
• A minimum down payment amount for the selected device.

What is the onboarding process?

The onboarding process takes approximately 20 minutes, and involves the following steps:

1. Visit any store where Watu Simu is available.
2. Select any Samsung Galaxy smartphone supported by Watu.
3. Get a pre-approval on your application.
4. Make your down payment.
5. Wait for the verification process to be completed (5-10 minutes).
6. Once verified, the phone is activated, and you can leave with your new device!

What smartphones are available for financing?

The following phones are available for financing through Watu Simu:

• Samsung Galaxy A03 Core
• Samsung Galaxy A03
• Samsung Galaxy A13
• Samsung Galaxy A23
• Samsung Galaxy A33
• Samsung Galaxy A34
• Samsung Galaxy A54
• Samsung Galaxy S23
• Samsung Galaxy Tab A7
• Samsung Galaxy Tab A8

What is Watu Simu’s Pay Bill number for weekly payments?

Pay Bill number: 650880

Account number: Borrower’s National ID number.

Why is my phone locked?

If your weekly payment was not made on time as per the loan agreement, the phone will be locked. To unlock your phone, please make an immediate payment to the following Pay Bill number: 650880.

My phone is locked, but I have made my payments on time. What do I do?

If the device is not due for payment but has been locked, it means that it has been away from an active internet connection or the network for an extended period of time.

My phone is lost or stolen. What do I do?

Kindly contact Customer Care and inform them about the stolen/lost device. Ensure you also obtain an abstract with the IMEI of the device included from your nearest police station and share that with the Customer Care.

Samsung Care+

If you have purchased the Samsung Galaxy A13, A23, or A33, your phone has been registered for a one time accidental front screen repair.

Watu Car Financing

Features

• Financing – Up to 80% of vehicle market value
• Interest rate – Affordable monthly interest rate
• Loan period – Between 6-60 months
• Comprehensive motor insurance (added to the loan principal)
• Same-day processing

Flexible, reliable and transparent car financing in Kenya

Watu Gari started operations in 2021 to provide flexible car financing solutions for Kenyans.

We believe a car can mean many things to different people, so we want to help you drive your dreams. As one of the most reliable car loan facilities in Kenya, we’re here to provide you with seamless, speedy and transparent service. 

Pick any car from select dealerships around Kenya, get your loan approved within 24 hours and enjoy accommodating loan terms of up to 60 months!

To qualify for a loan, you need to have:

Individual

Company

• National ID / Passport & Alien ID
• KRA PIN certificate
• NTSA TIMS account registered under borrower’s name
• Selfie picture
• 6 months bank statement (electronic)
• 6 months M-Pesa statement (electronic)
• Duly completed application form
• Proforma invoice from dealership
• Logbook copy
• Minimum required age of borrower -18 years and above

Q. What are the requirements for a business to get financing from Watu Gari?

To apply for a loan as BUSINESS, one is required to have the following:

Certificate of Incorporation
KRA PIN certificate
CR12 Tax compliant certificate
Previous years audited accounting report
Stamped extract minutes of Board of Directors’ resolution to seek financing from Watu Gari Limited
12 months bank statement (electronic)
12 months M-Pesa statement (electronic)
Duly completed application form
Proforma invoice from dealership
Logbook copy

Q. Where do I send my application documents for car financing?

You need to send them all to our e-mail statements@watugari.co.ke

Q. How long does it take for me to get my vehicle?

We will do our best to release your asset on the same day that you applied for a loan. However, in case of unforeseen delay, the front office officer serving you will notify you of the earliest possible time to get the vehicle. The circumstances may range from your ability to make the down-payment to dealership in time, delivery of the original logbook to us, NTSA transfer & acceptance in TIMS by yourself among other circumstances beyond our control.

Q. What documents do I need to sign to access the loan?

You will need to sign our loan aplication form, an offer letter, loan agreement, power of attorney, security agreement and funds transfer authorisation letter.

Q. What are the requirements for one to get financing from Watu Gari?

To apply for a loan as INDIVIDUAL, one is required to have the following:

National ID / Passport & Alien ID
KRA PIN certificate
NTSA TIMS account registered under borrower’s name
Selfie picture
6 months bank statement (electronic)
6 months M-Pesa statement (electronic)
Duly completed application form
Proforma invoice from dealership
Logbook copy
Minimum required age of borrower -18 years and above

Q. Can I clear my loan before the maturity date?

Yes, one can make a one-off bulk repayment to clear the loan. This comes with a waiver on the outstanding interest amount.Rate Information

*Our interest rate is applicable to loans of up to Kshs 5,000,000.

*The rate is subject to change and the representative APR may vary with the rate applied on the borrower’s loan.

*The APR may vary based on amounts borrowed, loan duration and personal financial credit score.

Watu Logbook loans

Features

• Financing – Up to 50% of vehicle market value
• Interest rate – Affordable monthly interest rate
• Loan period – Between 3-24 months
• Same-day processing

To qualify for a loan, you need to have:

Individual

• National ID / Passport & Alien ID
• KRA PIN certificate
• 6 months bank statement (electronic)
• 6 months M-Pesa statement (electronic)
• Duly completed application form
• Logbook copy (under your name) 
• Picture of your current insurance sticker 
• Minimum required age of borrower -18 years and above

Flexible, reliable and transparent logbook loans in Kenya

Our logbook loans are designed to be flexible, so you can borrow as much or as little as you need. We offer competitive interest rates and flexible repayment terms, so you can choose a loan that fits your budget and your lifestyle. 

Applying for a logbook loan with Watu Gari is simple. Just fill out our online application form, provide some basic information about your vehicle, and we’ll get back to you with a decision in no time. Once your loan is approved, we’ll transfer the funds directly to your bank account, so you can start using the money right away!

What is the maximum amount I can borrow with a logbook loan at Watu Gari?

You can borrow upto 50% of the total car value, to a maximum of Kshs. 3,000,000.

How long does it take for my application to be approved?

The application process takes between 1 hour to a maximum of 24 hours.

What documents do I need to apply for Watu Gari’s logbook loan?

You will need your ID card, KRA Pin, logbook with your name, duly filled loan application form, Mpesa & Bank statements and details of the current motor insurance cover.

Can I pay off my logbook loan early?

Yes, and this will attract a waiver all remaining interest after the first 3 months.

Can I apply for a logbook loan if I am self-employed?

Yes you can apply, as long as you are the sole legal owner of the vehicle to secure the loan.

Can I still use my car while I have a logbook loan?

Yes, you keep your car while you repay your logbook loan.

Can I apply for a logbook loan if my car is already on finance?

No, you cannot qualify for a logbook loan if you have a loan on the vehicle.

Do you offer logbook loans for older cars?

The age limit is 14 years for private vehicles and 11 years for commercial vehicles.