How To Appy For KCB Bodaboda Loan

July 19, 2023 Majira Media

The KCB Bodaboda Loan is a specialized financing product offered by Kenya Commercial Bank (KCB) to support bodaboda and Tuktuk operators in Kenya. Under this KCB offers you 70% financing and set you off on your Boda Boda or Tuk Tuk biashara. In addition to that, KCB tops the financing with a comprehensive insurance cover as you zoom off to build your successful Biashara.

The KCB Bodaboda Loan is specifically designed to cater to the financial needs of bodaboda operators, providing them with access to affordable credit to purchase or maintain their motorcycles, meet personal or family needs, or invest in other income-generating opportunities.

Key features of the KCB Bodaboda Loan typically include:

1. Access to Affordable Financing: Bodaboda operators can access financing at competitive interest rates, which makes it easier for them to acquire motorcycles or meet other financial requirements.

2. Quick and Streamlined Loan Processing: KCB understands the importance of prompt access to funds for bodaboda operators. The loan application and approval process are usually designed to be efficient and fast, enabling eligible individuals to access financing quickly.

3. Flexible Repayment Terms: The Bodaboda Loan’s repayment terms are often designed to be flexible, taking into account the income patterns and cash flow of bodaboda operators. A repayment period of up to 24 months for tuk tuk and 12 months for motorbike.

4. Minimal Documentation: KCB may require minimal documentation for the Bodaboda Loan, making it more accessible for bodaboda operators, many of whom may not have extensive formal documentation.

5. Asset Financing: The loan can be used to finance the purchase of motorcycles, spare parts, or other equipment needed for the bodaboda business.

6. Comprehensive Insurance Cover: You get a comprehensive Insurance p.a. of Kes 9,600 for Boda Boda and Kes 15,000 for Tuktuk

7. Empowering Local Entrepreneurs: The Bodaboda Loan empowers local bodaboda operators by providing them with the financial means to expand their businesses, increase their earnings, and improve their overall livelihoods.

How To Appy For KCB Bodaboda Loan

To apply for KCB Boda Boda Loan lou will need to visit the nearest KCB bank and must meet the following requirements;

An active account with any business institution where business proceeds are remitted for at least 3 months
Proforma invoice from Boda Boda and Tuk Tuk dealers
Valid driving license of the rider/driver
Demonstrate your ability to repay the loan
Bank to finance up to 70% while the customer to meet 30% of the cost
Guarantee by KCB account holder where a Log book is held on simple deposit
Where a joint registration is done for the log book, a guarantor is not required
6 months ’KCB banking history or 3 months’ group savings