Are you someone who is interested in getting this loan? Well, in that case, you will first need to make sure to fit the requirements which are set by the individual banks. You can find various banks in Uganda, which offers this loan. This loan is the best way to purchase a motorcycle and this motorcycle can be used for various purposes. One can use a motorcycle to become self sufficient, for transportation to the job or school etc. or even to start a business where motorcycle is a crucial element of transportation. The amount and interest rate can vary from one bank to another and this is why one should first make sure to check the requirements. This article will help you to get some ideas about the boda boda loan.
What to know before opting for this loan?
Before one is opting for the boda boda loan, these are some things one will need to know:
- The person will need to make sure that they will be able to repay the loan properly, along with the interest; otherwise they will become a defaulter to the bank.
- You can find various factors included in the loan consideration, such as: status of employment, credit score and also the ownership of a business etc. Many institutions offer the boda boda loan.
Where can you get this loan?
- Commercial banks will be able to offer the boda boda loan; however, the person will need to follow strict rules and regulations before they are eligible for the loan. When opting for this loan by the bank, one will need to make sure to check the website of the bank to know the rate of interest and the requirements.
- Some banks are also in partnerships with the various brands of boda boda to offer the loan to a person who is looking forward to purchase the boda boda from the dealer that is in the partnership with the bank.
- One will also find some motorcycle dealers that provide credits for the boda boda or the boda boda loan to one who is looking to purchase the boda boda. However, not all dealership will provide this loan and one will need to check with the dealership if they offer any such loan that one can be eligible for.
- Savings societies are another easy place to get the boda boda loan. The requirements of the loans will be much easier and therefore easy to get loans from the savings society.
- Before getting the loan, one should contact with the savings society to check if they are eligible for the boda boda loan.
If one finds that it is much harder to get this loan from the banks or any other financial institutions, one of the easy things that they can do is to opt for a private lender, who can offer the boda boda loan.
However, one should make sure that the lender has an honest reputation amongst the clients who took the boda boda loan.
Before getting the loan; one should make sure to read the contract properly before getting the boda boda loan.