#yakocares
Boda Loans
PURPOSE.
For purchase of new boda.
Target group: Boda Riders attached to stages.
Facility type: Short term loan.
APPLY FOR A BODA LOAN
Please fill the form and we shall get back to you in less than 24 hours. Thank you.
Limit. Max 90% of the cost of the Boda within our single borrower exposure limit.
Tenor. Max 24 months.
Rate of Interest. Flat 2% Interest per month or its part.
Disbursement. By way of credit/remittance to the account of Dealer.
Repayment. Weekly Instalments.
Primary security. Caveat on the Boda to be noted.
Collateral Security. As suggested by appraising officer.
Down payment. UGX 1,000,000. UGX 1,000,000.
Documents Required:
- National ID/ Passport.
- Driving Permit.
- 2 Recent Passport size photographs.
- Copy of Invoice.
- Details of Down payment/subsequent payments if any.
- ID from Boda Boda Association/Stage Card.
- Two Guarantors (One another Boda Rider and other from Family).
- Demand Promissory Note.
- Loan Agreement.
- Letter of Guarantee.
Processing fee. UGX 50,000.
Late Payment. A penalty of UGX 5,000 of defaulted amount per month or its part.
Tracking Device. GPS enabled tracking device to fitted to the Boda.
Insurance. Comprehensive Insurance to be done.
Security deposit.
UGX 400,000 out of Down Payment to be kept as Fixed Deposit for the period equal to the tenor of loan towards security.
Compulsory savings.
UGX 3,000 – 5,000 to be deposited to compulsory savings out of weekly instalments depending on the model/tenor of the Boda.
