Motorcycle Loan

  • Target: Bodaboda Sacco’s/Groups, individual Sacco members
  • Bodaboda Sacco/group, individual Sacco members to open an account with FOSA and save for 6 consecutive months or transfer account balance from another financial Institution (provide a certified bank statements)
  • Applicant to contribute 30% of cost of motor cycle in form of motorcycle savings.
  • Repayable in 18 months
  • In case of Sacco or group, the Bodaboda Sacco/group will forward to the TNT Sacco a list of motorcycle applicants for appraisal.
  • The loan amount will be transferred to the motorcycle suppliers’ account.
  • The customer will collect the motorcycle from the supplier
  • The supplier will surrender the logbooks to the Sacco as security for the loans and the Sacco will only release the logbooks to the customer upon full repayment of the loan.
  • The Bodaboda Sacco/group will guarantee the loans up to a specified agreed limit to be determined by the TNT Sacco.