MOGO, a leading fintech company in Kenya, offers a variety of financial services designed to provide affordable and accessible credit solutions to Kenyans. Among its services, MOGO provides Boda Boda Loans, which cater to individuals looking to purchase motorbikes either for personal or business use, especially within the rapidly growing boda boda (motorcycle taxi) industry.
In Kenya, boda bodas have become an essential mode of transportation, not only for passengers but also for goods delivery. Recognizing the economic significance of boda bodas, MOGO offers financing solutions aimed at empowering individuals to own motorcycles and earn a livelihood. This article outlines the key features and requirements for MOGO boda boda loans, both for new and second-hand motorbikes.
Features and Requirements for New Boda Boda Loans
MOGO provides financing for various boda boda brands, including popular models such as Bajaj, Boxer, TVS, Haojin, Ranger, Yamaha, Skygo, and more. The new boda boda loan package is designed to make motorcycle ownership affordable and accessible to a wide range of individuals.
(i) Features of New Boda Boda Loans:
- Affordable Down Payment: A Ksh 25,000 down payment on any boda boda model.
- Daily Payment Plans: Start paying from as little as Ksh 364 per day, making the loan repayments manageable for boda boda operators who earn daily income.
- Quick Loan Processing: With a straightforward process, borrowers can select a motorcycle model of their choice and begin riding within just two hours.
- Fuel Incentives: Customers who purchase a Boxer, TVS, or Haojin from MOGO branches receive a fuel voucher worth Ksh 3,000.
- Wide Selection of Models: MOGO provides access to a variety of popular motorcycle models in its nationwide branches, ensuring customers can find a bike suited to their needs.
(ii) Requirements for New Boda Boda Loans:
To qualify for a new boda boda loan, applicants must meet the following criteria:
- Six-month Mpesa Statement: Applicants must provide a 6-month record of their Mpesa transactions to demonstrate their financial capability.
- National ID: Proof of identification is required through a valid Kenyan National ID.
- KRA PIN: A Kenya Revenue Authority (KRA) Personal Identification Number (PIN) is necessary for loan processing.
- Age Requirement: Borrowers must be between 23 and 65 years old.
- Guarantor: A guarantor is needed to co-sign the loan agreement and provide additional security.
- Down Payment: A Ksh 25,000 down payment is required for new motorcycle loans.
Features and Requirements for Second-hand Boda Boda Loans
For individuals looking for more affordable options, MOGO also offers financing for second-hand motorcycles. This provides a great opportunity for those on a tighter budget to still acquire a boda boda and join the lucrative industry.
(i) Features of Second-hand Boda Boda Loans:
- Lower Daily Payments: Borrowers can start paying from as little as Ksh 199 per day, making this option more affordable.
- Reduced Down Payment: A down payment starting from Ksh 10,000 is required, allowing customers to access financing with a lower upfront cost.
- Fast Loan Approval: Similar to new boda boda loans, customers can select a second-hand motorbike and begin riding within two hours.
(ii) Requirements for Second-hand Boda Boda Loans:
The requirements for second-hand boda boda loans are largely similar to those for new motorcycles:
- Six-month Mpesa Statement: Proof of financial capability through a 6-month Mpesa statement.
- National ID: Applicants must provide a valid National ID.
- KRA PIN: A KRA PIN is necessary.
- Age Limit: Applicants should be between 23 and 65 years old.
- Guarantor: A guarantor is required to co-sign the loan agreement.
- Down Payment: A down payment starting from Ksh 10,000 is necessary for second-hand boda boda loans.
MOGO Boda Boda Warehouses in Kenya
MOGO has a network of used boda boda warehouses across Kenya, providing convenient access to a variety of motorcycle models. Below are the locations of these warehouses:
- Nairobi:
- Location 1: Lang’ata Car Yard, Along Lang’ata Road, Opposite Uhuru Gardens.
- Location 2: Ruiru Bypass, Membley, Near Taifa Mabati.
- Nakuru:
- Location: Nakuru Municipality, Block 3/91/3/92, Along Nakuru – Kisumu Road.
- Kisumu:
- Location: Industrial Area, Sabuni Road, Block LR 3/117, Next to Panda Mabati.
- Mombasa:
- Location: Opposite Matric Moves/ Ugandan Property, Changamwe- Pamba Road.
- Eldoret:
- Location: Oloo Street, Kenya Industrial Estates.
- Malindi:
- Location: Malindi- Mombasa Highway, Plot 4248.
Advantages of MOGO Boda Boda Loans
MOGO’s financing options are highly attractive for individuals looking to enter or expand within the boda boda business. Some of the key advantages include:
- Flexible Payment Terms: MOGO offers flexible repayment periods ranging from 6 months to 60 months, allowing customers to choose a plan that suits their financial situation.
- Convenient Loan Processing: MOGO boasts a streamlined loan process that allows customers to select a boda boda and begin riding within hours of loan approval.
- Nationwide Coverage: With warehouses and dealerships in major cities such as Nairobi, Mombasa, Kisumu, Nakuru, and Eldoret, MOGO provides easy access to motorcycles across the country.
- Incentives for New Motorbikes: The company offers attractive incentives, including fuel vouchers for popular models, making it a competitive choice in the market.
Contact Information
For more information or to apply for a boda boda loan, you can reach MOGO via the following:
- Head Office: PineTree Plaza, Kilimani, Nairobi.
- Contact: 0768 469 112.
MOGO has positioned itself as a vital player in Kenya’s growing boda boda industry, providing affordable and accessible financing to individuals and small business owners. Whether you are looking for a new or second-hand motorbike, MOGO offers a range of options to help you start or grow your boda boda business.
