In today’s challenging economy, the need for additional income sources has become crucial. The salary that once sustained individuals seven years ago is no longer sufficient, leading to a surge in self-employment, entrepreneurship, and small business ownership.
Watu Credit is a game-changer, empowering people through asset financing. They offer aspiring business owners the opportunity to own motorcycles, and three-wheelers (tuk-tuks), among other loan products, delivered efficiently and professionally.
This post covers everything you need to know about Watu Credit—its offerings, benefits, application process, interest rates, loan limits, and a comprehensive FAQ section to address all your questions.
Let’s delve in!
About Watu Credit
Before diving into the application process, let’s get acquainted with Watu Credit
Watu Credit, more than just a lender, is a FinTech company on a mission to revolutionize financial inclusion across Africa, with a strong presence in Kenya, having 25 branches across the country. Their focus lies on empowering the unbanked and underserved population by providing them with the assets and resources they need to thrive.
Here’s what sets Watu Credit apart:
- Asset-Based Financing: Watu Credit prioritizes asset-financing solutions, meaning they provide loans for specific assets like motorcycles and business equipment. This approach can be beneficial as it reduces risk for both borrower and lender.
- Financial Literacy Advocate: Watu Credit understands the importance of financial education. They actively promote financial literacy programs to empower their clients and equip them to make informed financial decisions.
- Reaching the Underserved: Watu Credit prioritizes serving the unbanked and those with limited access to traditional financial institutions. Their services are designed to be accessible and cater to a broader range of Kenyans.
Watu Credit offers a variety of loan solutions, including Asset Financing for vehicles and equipment, Group Lending for short-term business needs, and Watu Simu for smartphone financing.
It takes pride in offering fully cashless services for both loan disbursement and collection, as well as 24-hour access for clients to their account balances.
How to Apply for a Watu Credit Loan
Applying for a loan from Watu Credit can be a relatively straightforward process. You should know that it is a fully physical activity and you cannot apply online. Here’s a breakdown of the steps involved:
1. Choose Your Loan Product:
Watu Credit offers various loan options depending on your needs. Familiarize yourself with their offerings (e.g., Watu Gari for vehicle financing, Watu Simu for smartphones) and choose the program that best suits your requirements.
2. Check Eligibility:
Each loan program might have specific eligibility criteria. Ensure you meet the basic qualifications before proceeding with the application.
3. Gather Required Documents:
The necessary documents may vary depending on the loan type, but these should form the base of the needed documents:
- National ID/Passport
- KRA PIN copy
- Passport photograph
- Proof of income (6-months bank statement)
- Completed application form
4. Visit a Branch:
Watu Credit has over 25 branches in Kenya. Visit the Watu Credit branch closest to your location and submit the application form.
5. Await Approval:
Once you submit your application and documents, Watu Credit will review your request. The waiting time for approval can vary. They might contact you for further information if needed.
6. Loan Disbursement and Repayment:
If approved, Watu Credit will offset your payment for the asset, this is because Watu does not offer cash. They’ll also provide details on your repayment schedule and the preferred methods for making payments.
What are the Requirements for one to get Financing from Watu?
To qualify for a loan at Watu, they require one to have:
- Valid National ID of both the Borrower and the guarantor
- KRA PIN Certificate
- Age 20 to 65 is the normal age. But from 18 to 19, must come with their parents.
- They require 1 Guarantor aged 20 years and above
- Need to make a down payment of Ksh. 10,000 for Motorbike financing and 50,000 for tuk-tuk financing
- A valid 6-month Safaricom phone number.
How Long Does it Take to Get My Motorbike/Tuk-tuk Once I Complete the Application?
It takes just 2 hours to apply and get a motorbike/tuk-tuk upon application. However, in case of unforeseen circumstances leading to delay, the front office officer guiding you will notify you of the date.
Does Watu Credit Offer Cash Loans?
While Watu Credit excels in providing financial solutions, their offerings are cashless and lean more towards asset-based financing. This means they focus on loans tied to specific assets you purchase, rather than direct cash deposits.
The company offers credit tailored towards helping people purchase the 2 wheeler(Boda Boda) and the 3-wheeler Tuk-tuks .
To get a Boda boda through Watu Credit, you need to make a down payment of Ksh 20,000. The down payment for getting a Tuk-tuk is Ksh 50,000.
How do I check my Watu credit balance?
What is Watu’s Pay Bill Number for Weekly Repayments?
The official Watu pay bill number for weekly repayments is 650880. They do not accept cash payments.
How to Repay Watu Credit Loan
In repaying Watu Credit, follow the steps below:
- Login to your M-Pesa account
- Select Lipa na M-Pesa
- Choose pay bill
- Enter the pay bill number
- Use your phone number as your account number
- Input the amount you want to repay
- Cross-check all necessary details
- Press the submit option to submit it
- Get a message proving a successful repayment of your loan
Watu Credit Offices in Kenya
- Meru: Njuri Ncheke Street, Meru, Kenya
- Kitui: Kibwezi – Kitui Road
- Mombasa Road: Vision Plaza, Nairobi, Kenya
- Nakuru – Eldoret highway, Nakuru, Kenya
- B3 Road: Narok, Kenya
- Tengecha Lane: First Floor, Room 101, Kericho, Kenya.
- Silibwet Junction: Bomet, Kenya
- Pioneer Business Center: Kisumu Road, Eldoret, Kenya
- Jean-Marie Seroney Road: Kapsabet, Kenya
- Kitale: Mak Asembo Street, Kitale,Kenya
- Kisumu: Makasembo Rd, MURBS Building, Kisumu,Kenya
- Kakamega: Kisumu-Kakamega Road, Kakamega, Kenya
- Kisii: Kisumu Migori Road, Metro Hotel Ground Floor, Kisii, Kenya
- Bungoma: Opposite Bungoma Governor’s Office Gate, Bungoma, Kenya
- Voi: Car and General Voi, Voi, Kenya
- Mumias: Mumias musanda Road, Mumias, Kenya
- Migori: A1 Road, Migori, Kenya
- Homabay: A1 Road, Migori, Kenya
- Siaya: Ragama Building, Siaya, Kenya
- Malindi: B8 Road,Malindi, Kenya
- MbaleKaburu Complex: Maua, Kenya
Conclusion
Watu Credit Limited is a micro-finance institute emerging as a specialised sustainable and inclusive finance. Part of their mission is also to share and contribute to the sustainable development of the economy.
They provide access to capital to the benefit of micro, small, and medium enterprises. In serving customers well they contribute a focused value, principles of independence, integrity, and transparency.
Frequently Asked Questions
How do I check my balance on Watu?
There are two ways you can check your loan balance on Watu. The first is:
- By dialing *876# and following the instructions. Ensure you are using your registered phone number. Note that standard SMS/call rates charged by your mobile service provider may apply on checking the balance.
- You can visit any of Watu’s branches to check your balance or call 09011117770.
What is Watu credit Paybill number?
The Watu credit Paybill number for weekly payments is 650880. This paybill number is used through M-PESA, Tigo Pesa, and Airtel Money.
How do I contact Watu Credit?
To contact Watu Credit, you can use the following contact information;
Phone Numbers: +254 790 000 999 or +25 709 739 000, +254 719 111 000.
Email address: info@watucredit.com.