BODA-BODA ASSET LOAN
This is a loan product designed to cater for members who want to start a Boda-Boda business to supplement their income. It is accessed using any other existing loan which is used to pay the cost of the motorcycle supplied by Simba Auto Motives at a reduced cost.
Product features and benefits
- A member acquires a loan with the purpose of starting a Boda-Boda Business.
- The list motorcycle is acquired at UGX 3.6 million
- The amount is paid either by loan processing or deposits on accounts.
- Income from the Boda-Boda business is deposited on Business Savings Account.
- Deposits accumulated on Business Savings Account can be used to acquire additional motorcycles.
- The accumulated deposits can be used as collateral to secure bigger loans for other investments and or expansion of Boda-boda business.