In Uganda, owning a Bajaj Boxer motorcycle can be a game-changer, whether for personal use or as a source of income through the boda boda business. Several financing companies offer loan options to make this dream a reality. This article explores available options, focusing on requirements, application processes, and benefits offered by leading companies such as MOGO and Watu.
Boda Boda Banja (BBB)
Boda Boda Banja (BBB) is a hire purchase company that exclusively deals in giving Bajaj Boxer (BM 100 & CT 125) motorbikes on loan to individuals as well as companies and organizations. Established in November 2016, BBB boasts of over 20,000 satisfied clients. BBB has steadily grown in operations in Uganda, Ntinda as the Head office and spread out branches that are open in Ntinda, Ndeeba, Mbarara, Mubende, Hoima, Luwero, Gulu, Lira, Fort-Portal, Iganga, Masaka & Jinja as we look to further expand to other regions.
They offer customized financing plans.
MOGO: Boda Boda Loans Leader in Uganda
Mogo is the leading vehicle financing company in Uganda. With their quick and flexible service, you can start riding your own Boda Boda within 24 hours!
How to Get a Boda Boda Loan from MOGO
Here’s a step-by-step guide to acquiring a Boda Boda loan from MOGO:
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- Select a Boda Boda model: Choose your preferred bike model.
- Visit a MOGO Branch: Go to your nearest MOGO boda boda branch for documents verification and choose the loan term - 52, 78 or 104 weeks.
- Sign a contract: After a simple identity check, sign a contract and pay the initial payment starting from UGX 1,400,000.
- Ride your new Boda Boda! Conveniently pay on a weekly repayment schedule and ride your brand new Boda Boda!
Requirements for a VIP Loan from MOGO
To get a VIP loan from Mogo, you need to come with:
- Original National ID
- 1 guarantor with National ID
- Registered Airtel or MTN mobile money account
Apply online and you will receive a phone call from the MOGO loan specialist or visit your nearest MOGO boda boda branch or partner dealership. There, make a down payment of UGX 1,400,000
You can contact MOGO on 0312405800 or 0200405800.
Boda Logbook Loans in Uganda with MOGO
MOGO also offers quick cash loans using your boda logbook.
- Get a quick boda logbook loan of up to UGX 2,500,000
- Approved and issued on the same day
- With a flexible payment mode: daily or weekly
How to Get a Boda Logbook Loan from MOGO
- Have your own boda: You have to be the owner of the boda and have a valid logbook. Models allowed include: Bajaj BM 100, Bajaj CT 125, TVS Star HLX 125, Haojue Xpress 125, and Haojue EG-125
- Visit a MOGO Branch: Visit your nearest MOGO Branch for documents verification and let us know the amount you need.
- Sign a contract: After a simple identity check, sign a contract and your loan will be ready within 24 hours.
- Get money! Receive the money, continue driving the boda and pay back with small installments.
Criteria to get a boda logbook loan from MOGO:
- Own a boda boda and have its logbook with you
- Original National ID or Passport
- Age 20-65
- Registered Airtel or MTN mobile money account
Loan term: 52 weeks.
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Watu: Asset Financing for Boda Bodas
Watu is one of Uganda’s leading asset financing companies, providing boda boda loans to thousands of aspiring business owners every day!
With a minimum down payment of UGX 1,000,000, you can become a boda boda owner within 2 hours! They offer flexible payment terms of up to 24 months. The loan also includes free GPS tracking services.
Customer Feedback:
- "So far I have 2 bikes from Watu."
- "I have four bikes with Watu and I'm planning to come for a fifth one soon! I want to be a rich man owning big assets."
- "Watu has been good to me since the first day up to date."
How to get TVS bike on Loan
Summary of Loan Options
Here's a table summarizing the key features of the loan options discussed:
| Company | Loan Type | Down Payment (UGX) | Loan Term | Additional Features |
|---|---|---|---|---|
| MOGO | Boda Boda Loan | 1,400,000 | 52, 78, or 104 weeks | Quick approval, flexible repayment |
| MOGO | Boda Logbook Loan | N/A | 52 weeks | Quick cash, use existing boda |
| Watu | Asset Financing | 1,000,000 | Up to 24 months | GPS tracking |
| BBB | Hire purchase | N/A | N/A | Customized financing plans |
Read also: Building Rental Property: Loan Options
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