Tuk Tuks loans are easy to access in Kenya. If you meet the necessary loan application requirements, you can drive away your Tuk Tuk the same day. Tuk Tuks, like Bodas Bodas, contribute heavily to the growth of the Kenyan economy. What if you want a Tuk Tuk but you don’t have enough money? This is where the best providers of Tuk Tuk loans in Kenya come in handy.
In the rest of this article, we shall explore the best providers of Tuk Tuk loans in Kenya. Read on to discover their loan application requirements, repayment periods, and interest rates.
7 Best Providers of Tuk Tuk Loans in Kenya
The top Tuk Tuk loan providers in Kenya are some local commercial banks, Sacco Societies, and financial lending institutions. If you want a new Tuk Tuk via a loan, here are our best-handpicked lenders in Kenya.
1. Watu Africa (Formerly Watu Credit)
Watu Africa is among the leading Tuk Tuk and Boda Boda loan providers in Kenya. The financial institution has a good reputation and reliable lending terms. Watu Africa has branches all over Kenya. Choose the closest outlet if you need a loan for a Tuk Tuk purchase.
The company requires the following:
- Your National ID card
- KRA PIN certificate
- M-PESA statements for the past three months
- A minimum deposit of Ksh. 50,000
If you meet all these requirements, you can get approval for the loan in two hours.
Mogo is a fantastic Tuk Tuk and Boda Boda loan provider. The company has branches in major towns in Kenya and an international presence. All you need to do is to visit the nearest outlet and apply for the Tuk Tuk loan.
Again, you will finance part of the purchase by depositing fifty thousand Kenyan shillings. Mogo has Tuk Tuks from different brands, allowing you to buy the vehicle you prefer best. Additionally, Mogo requires you to bring copies of personal documents like 3-month income statements, KRA PIN certificate, ID card, etc.
If you have these items, you can get loan approval in hours and drive a new Tuk Tuk home.
3. Equity Bank
Equity Bank Kenya Ltd is among the best providers of Tuk Tuk loans in Kenya. It targets groups and individuals with its Tuk Tuk loans. Equity’s Tuk Tuk loan offers competitive interest rates and flexible repayment periods.
It attracts an annual interest rate of 14% and a small processing fee of 2.5%. To apply for the bank’s Tuk Tuk loan, bring your national ID card, a price quotation from a recognized Tuk Tuk dealer, and a business permit.
As a Tuk Tuk owner who got your vehicle via Equity Bank, you qualify for free business training and mentorship.
4. KCB Bank
Another top Tuk Tuk loan lender in Kenya is KCB Bank. The bank will cover 70% of the auto’s purchase price. You will then fund the remaining 30% of the buying price. You can apply for KCB Tuk Tuk loans as a group or an individual.
KCB charges an annual interest rate of 14% and a loan processing fee of 2.5%. Remember to bring copies of your ID card, KRA PIN, Business Permit, and a Tuk Tuk dealer’s price quotation. KCB Bank provides free business mentoring and training to Tuk Tuk drivers.
5. Joy Inc
Another of the top providers of Tuk Tuk credit is Joy Inc. The financing company also provides affordable Boda Boda loans. JoyInc asks for a deposit of fifty thousand Kenyan shillings before approving a Tuk Tuk loan.
If you bring the necessary loan application documents, you can get your Tuk Tuk loan and vehicle in two hours.
6. Stima Sacco
Stima Sacco is among the best-performing SACCOs in Kenya. Fortunately, it also offers Tuk Tuk loans to qualifying customers.
If you save money with Stima Sacco, you can get big funding of up to Ksh. 1,000,000. The repayment period is 36 months at an annual interest rate of 12%.
Stima Sacco charges a loan processing fee of 1.5%. You might have noticed that Stima Sacco’s annual interest rate and processing fee are lower than any of the banks.
7. Faulu Kenya
Faulu Kenya, a recognized Microfinance institution that has existed for decades, is among the best local providers of Tuk Tuk loans. Faulu Bank extends the Tuk Tuk loan facility to groups and individuals.
It provides some of the most versatile loan repayment terms and interest rates. Faulu Kenya charges an interest rate of 18% per year and a loan processing fee of up to 2.5%.
If you bank with Faulu and need a Tuk Tuk loan, you should approach a bank officer.
Faulu targets small business owners and often provides free entrepreneurship lessons and training. As with other banks, you must bring some crucial documents.
Things to Do Before Applying for a Tuk-Tuk Loan
The first thing to do is to choose the best loan lender and investigate them further. Then, gather the identity documents that any Tuk Tuk loan provider will need you to have. Some of these documents include:
- Your ID card
- KRA PIN
- Business Permit
- Tuk Tuk dealer’s quotation
- A genuine driving license
Some lenders also want your 3-month bank statements or M-PESA statements.
Before you visit the nearest branch of your favorite loan company, find one to three guarantors and a minimum deposit of fifty thousand Kenyan shillings.