In Kenya, there are several financial institutions and lenders that provide Tuk-tuk loans to aspiring riders and business owners.
It is essential to research and compare the terms, requirements, interest rates, and repayment options offered by different lenders before deciding to go for Tuk-tuk loans.
Additionally, consider factors such as customer reviews, reputation, and customer service when selecting a Tuk-tuk loan provider.
What are Tuk-tuk Loans?
Tuk-tuk loans in Kenya allow individuals to own a Tuk-tuk (three-wheeled motorised vehicle) through a loan arrangement.
The loan lenders give out the funds to purchase or lease Tuk-tuks, allowing people to enter or expand their operations in the transportation sector.
Majority of lenders request a deposit which averages ksh 50,000 to be provided by the borrower.
On the borrower paying the deposit to the lender, a rider will be given the Tuk tuk right away and then pay monthly installments as signed and agreed.
How Much Does a Tuk-tuk Cost?
Tuk-tuk loans in Kenya have no specific cost amount but depend on what each lender collects as an initial deposit price. Most lenders ask for a deposit of Ksh 50,000 or even more.
Some banks can finance up to 70% to 90% of the Tuk-tuk price. It depends on the policy of each financial institution in Kenya.
How to Get Tuk-tuk Loans in Kenya
To get a Tuk-tuk loan in Kenya, you need to follow the guidelines below:
- First conduct background research on the lender.
- Prepare your necessary and additional documents and compile other personal information.
- Visit the lender’s closest branch and pick an application form
- Fill out the form with honesty and don’t forget any information
- Submit the form and other necessary documents.
- Wait for the evaluation and Approval Process.
- Once approved, you will be called to come pick up your Tuk-tuk. Or the bank will pay the agreed financing amount into your account.
Best Tuk tuk Loans in Kenya
There are a lot of Tuk-tuk loan providers but the best you can find in Kenya are:
1. Mogo Tuk-tuk Loans
Mogo Tuk-tuk loan is one of the best Tuk-tuk loans in Kenya as they specialize in that type of credit. To access this loan, you don’t need to stress, just visit the nearest Mogo outlet near you and apply.
A borrower with a good credit score can deposit ksh 50,000 and ride home with a brand new Tuk tuk of his choice, provided it’s in stock.
2. Watu Credit Tuk Tuk Loans
Watu Africa which was formerly known as Watu Credit is also one of the popular Tuk-tuk Loans providers in Kenya.
To access the Watu Credit Tuk tuk loan, visit the nearest Watu Credit near you and apply.
Note that you will be asked to submit some documents and also pay a deposit before getting the Tuk-tuk.
3. Car and General Tuk Tuk Loan
Car and General are also providers of Tuk tuk loans in Kenya. Visit the car and general office nearest to you in Kenya and apply for the loans.
Some of the other popular Tuk tuk loans in Kenya come from the following lenders;
4. KCB Bank Tuk tuk Loans
KCB Bank offers Tuk tuk loans as part of their “Get a Loan for a Small Business” program. With KCB Bank, you can get up to 70% financing of the purchase price, with a maximum of KES 5,000,000, plus insurance if needed.
They also provide flexible repayment terms, allowing a repayment period of up to 24 months for Tuk tuks and 12 months for motorbikes.
Their requirements are subject to change, ensure you visit their website or office for more inquiries.
5. JoyInc Tuk Tuk Loans
JoyInc is a financing company that provides Tuk tuk loans in Kenya. To become a Tuk tuk owner with JoyInc, you can make a down payment of Kshs 50,000 and become a proud owner within 2 hours.
6. Equity Bank Tuk Tuk Loans
Equity Bank, one of the largest banks in Kenya, offers Tuk tuk loans to both individuals and groups. They provide flexible loan terms and competitive interest rates to support your Tuk tuk ownership.
Other Tuk-tuk Loan Providers in Kenya
Some of the other Tuk tuk Loan providers in Kenya are:
- Cooperative Bank Tuk tuk Loans.
- Mwananchi Credit Tuk tuk Loans
- Premier Credit Tuk tuk Loans
- Faulu Tuk tuk Loans
Requirements for Tuk tuk Loans in Kenya
To be eligible for Tuk-tuk Loan, the lender needs potential borrowers to meet the following requirements:
- Provide a 3-month active account statement with any financial or business institution.
- Get a proforma invoice from Tuk Tuk dealers.
- A valid driving license of the borrower/rider.
- Show a document proving your ability to repay the loan.
- Make an initial deposit of up to ksh 50,000 and above the lender. However, the banking system expects you to meet up to 30% of the Tuk-tuk cost and they will finance the 70%.
- A guarantor who holds an account with the lender by the KCB account holder where a log book is a help on simple deposit.
- A 6 months banking history with the lender or three months of group savings.
Note: we advise you to check for more requirements on the lender’s website before going for the loan. Optionally, you can contact their customer service or fill out the form online.
Some of the lenders you can consider while looking for a Tuk-tuk loan are:
- Mogo Tuk-tuk loan
- KCB Bank Tuk-tuk loan
- Watu Africa Tuk-tuk loan
- Equity Bank Tuk-tuk loan
Please note that the information provided is based on available sources, and it’s recommended to directly contact the lenders or visit their official websites for the most accurate and up-to-date information.