Mogo Kenya is part of Eleving Group, a fintech company that operates in Kenya and several other countries on three continents including Asia, Europe, and Africa. They specialize in car loans and different other types of loans like boda boda loans, tuk-tuk, and logbook loans.
One of the benefits of obtaining a Mogo loan is the ease of application and disbursement process. Their services are also top-notch.
From personal experience, I have found Mogo loans to be a convenient and reliable source of funds to purchase a car, motorcycle, or tuk-tuk. The loan application process is easy and straightforward, and disbursement is almost immediate, which has been helpful to people.
Additionally, the interest rates and repayment terms were reasonable and affordable, making it a viable option for me when I need access to credit to buy a car for business.
How to Apply for Mogo Loan
Steps to getting a loan from Mogo Kenya:
- Visit their official website and search the type of loan you need and apply directly online. Then fill the form and submit other necessary documents and personal information. Or
- Visit their branch office nearest to you.
- Fill out their loan application form.
- They will provide you with the loan agreement, specifying the terms and conditions of the loan. Carefully review their loan agreement, including interest rates, repayment schedules, and any associated fees. If you accept the terms, sign the agreement.
- Prepare the required documentation, which may include identification documents, KRA pin, proof of income, bank statements, and other relevant documents as specified by them.
- Wait a short while (Up to 24 hours) for Mogo to review your application and documents.
- Approval and disbursement follows immediately. Once approved, Mogo will disburse the loan amount to your designated bank account.
What is the Tenure of a Mogo Loan?
Mogo Loan term is around 6 to 60 months with a fixed interest rate of 2.5% per month. Their annual percentage rate is between 26.4% and 92.5% depending on your loan type, vehicle type, and repayment duration.
How Much Can You Get from Mogo Loans?
Mogo provides loans ranging between of Ksh 100,000 and Ksh 2,500,000.
How to check your Mogo Loan Balance
To check your Mogo Loan balance, visit their office or calculate your down payment to know how much time and money is left.
Mogo Loan requirements
To get a Mogo loan in Kenya, there are requirements you need to meet and they are:
- An income of at least Ksh 20,000
- A valid ID or passport
- A functioning M-pesa or bank statement
- An original logbook
- A driver’s license
- Having a KRA Pin
- Two referees.
What Credit Score Do You Need for a Mogo Loan?
You need to have a good credit score before visiting Mogo for a loan. A credit score of 600 can get you a loan. They can consider a score that is a bit lower like 400 but it depends on the amount and type of loan you want.
Ensure you do not have any ongoing huge loan you are repaying at the time of applying for the loan.
Pros and Cons of Taking Mogo Loans
Pros
- Easy loan application
- Quick disbursement
- Offer different types of car, motorcycle, and tuk-tuk loans.
- Have a low fixed interest rate of 2.5%
- Longer repayment duration of up to 60 months.
Cons
- Requires a higher income of at least ksh 20,000. Anybody earning below this amount can’t access the credit.
- You need a deposit of Ksh 15,000 before you can access their Boda Boda loan.
How to Repay Mogo Loan
The three options for repaying a Mogo loan are USSD, Mpesa or a bank. For a USSD repayment, dial *695# and follow the prompts to repay your loa.
For the Mpesa Repayment, follow the steps below;
- Launch your M-pesa account
- Repay the loan using Mogo paybill number 7034211( this is for loans issued before February 2020 by Mogo Auto Limited) or use 793965 (If your loan was issued after February 2020 by Mogo Kenya Limited).
- Select the account number option and input the plate number of your boda boda as the account number
- Submit the payment
- Get a successful notification indicating that you made the payment.
For the bank repayment of the Mogo loan, fill in the details on the bank deposit slip:
- Recipient Name: Mogo Auto Limited
- Bank: NCBA
- Branch: Upper Hill
- Account Number: 8368080018
Note: This is for those who received their loans before February 2020 from Mogo Auto Limited.
OR
You can use the details below if you received your loan after February 2020 from Mogo Kenya Limited:
- Recipient Name: Mogo Kenya Limited
- Bank: Commercial Bank of Africa Limited
- Branch: Upper Hill
- Branch Code: 07000
- Account Number: 8190880012
- Recipient Address: P.O BOX 29107,00100.
Contact Details of Mogo Loans
You can contact Mogo Kenya via their
Email: info@mogo.co.ke
Phone number: 0768,469,112 or WhatsApp.
There’s also a Live chat option available on their website or visit their offices located at
- Prestige Plaza along Ngong Road, Nairobi or
- Jubilee Insurance Building along Moi Avenue, Mombasa
- Nakuru or
- Eldoret or
- Kisumu.
Conclusion
Mogo loans are the most convenient option for those who need quick access to funds to buy a car without the hassle of lengthy application processes and waiting times since they specialize in car loans.
They also specialize in Boda Boda loans, logbook loans, and tuk-tuk loans. Just meet the requirements and apply.