Watu Credit has granted you a loan to enable you to purchase the Vehicle.

“Vehicle” in the loan agreement refers to the motorbike or three-wheeler that you have purchased using the proceeds of the loan.

You need to sign a loan agreement which details the terms of the loan and a security agreement which provides that the Vehicle is security for the loan and which allows Watu to sell the Vehicle if there is a default under the loan agreement.

To qualify for a loan, one is required to have the following:

• Original National ID (borrower and one guarantor)
• KRA PIN certificate
• Borrower’s age 18-19 years (must be accompanied by a guardian) 20-65 as normal
• 1 Guarantor (aged 20 years and above)
• Two referees above 18 years old
• A minimum down payment of Kshs 20,000 for motorbike financing and from Kshs 50,000 for tuk-tuk financing
• A Safaricom phone number that is registered for M-Pesa and has been in use for the last 6 months.

It only takes 2 hours to apply and acquire a motorbike/three-wheeler upon application. However, in case of unforeseen delay, the front office officer serving you will notify you of the earliest possible time to get the motorbike/three-wheeler.

The loan is made up of principal, interest and fees (to cover, for example, GPS tracking and insurance costs). This information you will find summarized on the first page of your loan agreement.