Watu Credit is one of the companies in Kenya that offer boda boda loan. One of the questions people ask is how much is the interest rate for the boda boda. According to opinion from those who have taken the loan, interest rate ranges between 25% and 40% of the total cost of the boda boda. For instance, if you get a Bajaj boda boda whose actual cost is Ksh 160,000, you will pay Ksh 180,000 to Ksh 220,000.
I asked James who took a boda boda from Watu Credit and he told us this:
“I was told to pay a deposit of Ksh 35,000 and pay Ksh 450 monthly. I ended up paying Ksh 185,000 for Honda boda boda. The actual price at that time was Ksh 140,000. The company told me that the interest rate is normally 24 % to 40% of the total cost of the boda boda and it’s dependent on the time you take to repay the loan.
What you need to get the boda boda
—-Original National ID (borrower and one guarantor)
—-KRA PIN Certificate
—-A minimum down payment for the vehicle of your choice
—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
The repayment period is up to 24 months and the types of boda boda offered by the company are: Ampersand, ARC Ride, Bajaj, Haojin, Honda, Jincheng, Lifan, Piaggio, Skygo and TVS.
