Summarized General Terms for Kenya

English | Swahili

English

What is my loan for?

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

What is meant by “Vehicle” in the loan agreement?

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

What documents do I need to sign to access 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 Credit to sell the Vehicle if there is a default under the loan agreement.

Do I own the Vehicle?

During the loan repayment period you are economic owner of the Vehicle. You can use the Vehicle to generate income, but it also serves as security for the loan. You will become legal owner of the Vehicle only after your loan is paid in full.

Can I sell the Vehicle?

Before the loan on the Vehicle is paid in full, you cannot sell it without the prior written consent of Watu Credit.

What does the total value of the loan include?

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.

What are my weekly payments?

At the signing of the loan agreement, your individual payment schedule was generated. You
will have a set weekly payment throughout your loan cycle.

How do I make my weekly payments?

You can make these payments via M-PESA to the Paybill number provided by Watu Credit. No cash payments are accepted.

Will I get reminders on payments?

You will receive reminder SMS and acknowledgment SMS for received payments. Please note that Watu Credit will communicate to you using the telephone number you provided in the loan agreement.

When am I considered to have defaulted on my loan repayments?

If you fail to pay a weekly instalment or any amount due under the loan agreement on the due date.

What happens when I default?

Our Relationship Officers will reach out to you by phone, SMS and/or physical visit to assess the situation and make-up plan for future payments. In case of failure to respond or honour achieved commitments to clear arrears, Watu Credit may repossess the Vehicle.

Can my guarantor make payment on my behalf if I default?

Yes, they can. Payments can be made by anyone on your behalf provided that they are made in respect of your loan account.

What happens if Watu Credit repossesses the Vehicle?

After repossession we will continue to be engaged with you by phone, SMS and/or visits to make final attempt to resume payment of the loan. You will have additional and final 7 calendar day grace period after repossession to settle the missed payments.

Does repossession mean that I have lost the Vehicle?

No, if you pay the missed payments within the 7 calendar days grace period, Watu Credit will release the Vehicle back to you but we will charge Ksh. 5,000 collection charge that will be added to you loan account.

What happens once 7 day grace period expires?

If no payment is made or pre-agreed commitments honoured, your loan agreement is terminated, and the Vehicle will be sold. It will be sold at market value. Please note that the sale price will likely be less than the purchase price as the Vehicle loses value over time.

If the Vehicle is sold, do I get a refund for all the payments I have made?

Only if the proceeds of the sale exceed the amount you owe on the loan at the time of the sale: you will be paid the difference between the proceeds of the sale and the amount outstanding on the loan at the time of the sale. If the proceeds of sale of the Vehicle are less than the amount owed on the loan- Watu Credit can choose to sue you or enforce against your guarantor for the difference.

Can I access information online about my loan?

Yes, dial *876# and follow instructions. (Please note that standard SMS/call rates charged by your mobile service provider may apply). You can get information on the account status at any time of the day and night. This service is accessible through the phone number that was registered in our system during the loan application. Remember to visit our branch to update your contact in case you change your contact information.

What if I need additional information or assistance regarding my loan?

Our friendly branch and Customer Care officers will be happy to assist any of your queries. Feel free to reach out at 0790 000 999 (standard call rates apply), email – [email protected]

Please note that this information sheet only contains a summary of the general terms and conditions applicable to the loan facility provided by Watu Credit. You must rely on the terms of any loan agreement and ancillary agreements entered into with Watu Credit as those agreements contain the principal terms governing the loan facility.


Swahili

Mkopo wangu ni wa nini?

Kampuni ya Watu Credit imekupa mkopo kukuwezesha kununua gari aina ya pikipiki au Tuk tuk.

Nini maana ya “Gari” katika makubaliano ya mkopo?

“Gari” katika makubaliano ya mkopo na katika karatasi hii ya habari inahusu pikipiki au tuktuk ambayo umenunua kwa kutumia mapato ya mkopo.

Ni fomu zipi ninazohitaji kutia sahihi ili kupata mkopo?

Unahitaji kutia sahihi kwa hati ya makubaliano ya mkopo ambayo inaelezea sheria na masharti ya mkopo, pia utatia sahihi kwa “security agreement” inayo onyesha kuwa pikipiki au tuktuk itatumika kama “collateral” au dhamana ya mkopo, hii inaruhusu Watu Credit kuiuza pikipiki au tuktuk ikiwa makubaliano ya mkopo hayatafuatiliwa.

Je! Ninamiliki pikipiki au tuktuk?

Kwa kipindi cha ulipaji wa mkopo, wewe ni mmiliki wa pikipiki au tuktuk kiuchumi. Unaweza kutumia pikipiki au tuktuk kutengeneza mapato, hata hivyo, pikipiki au tuktuk yenyewe ni dhamana ya mkopo. Utakuwa mmiliki halali wa pikipiki au tuktuk baada ya mkopo wako kulipwa kikamilifu.

Naweza kuiuza pikipiki au tuktuk?

La. Kabla ya mkopo wa pikipiki au tuktuk kulipwa kikamilifu, huwezi kuiuza kabla ya kupewa idhini kwa njia ya maandishi kutoka Watu Credit.

Je! Jumla ya thamani ya mkopo inajumuisha nini?

Mkopo umejumuisha bei asili ya pikipiki au tuktuk, kiwango cha riba, yaani ‘interest rate’ na ada za mkopo (kama gharama ya kuweka kifaa cha ufuatiliaji wa GPS, yaani ‘tracker’ na gharama za
bima). Muhtasari wa habari hii unapatikana kwenye ukurasa wa kwanza wa hati ya makubaliano yako ya mkopo.

Malipo yangu ya kila wiki ni ya pesa ngapi?

Wakati wa kutia sahihi kwenye hati ya makubaliano ya mkopo, ratiba yako ya malipo ya kibinafsi hutengenezwa. Utakuwa ukilipia kiwango ulichopewa kila wiki kwa kipindi chote cha kulipia mkopo.

Nitatumia mbinu gani kufanya malipo yangu ya kila wiki?

Unaweza kufanya malipo kupitia M-PESA kwa nambari ya Paybill utakayopewa na Watu Credit. Hakuna malipo ya pesa taslimu yanayokubalika.

Je! Nitapata vikumbusho kuhusu malipo?

Utapokea ujumbe mfupi yaani SMS wa kukukumbusha kufanya malipo na ujumbe wa kuonyesha kuwa Watu Credit imepokea malipo yako. Tafadhali kumbuka kuwa Watu Credit itawasiliana nawe kwa kutumia nambari ya simu uliyopeana hapo awali kwenye cheti cha makubaliano ya mkopo.

Je! Ni wakati upi ninachukuliwa kuwa nimeshindwa kufanya malipo yangu ya mkopo? Ukishindwa kukamilisha malipo ya wiki moja au kiasi chochote cha pesa kinachostahili kulipwa kulingana na makubaliano ya mkopo kwa tarehe inayofaa.

Ni nini hufanyika nisipolipa mkopo wangu kwa wakati unaofaa?

Maafisa wetu watawasiliana nawe kwa njia ya simu au kwa kutumia ujumbe mfupi yaani SMS au kukutembelea ili kutathmini hali na kujadiliana nawe mpango wa kufanya malipo yaliosalia kwa siku zijazo. Endapo utashindwa kuajibika au kuheshimu ahadi zilizowekwa hapo awali za kulipia mkopo wako, kampuni ya Watu Credit inaweza kuichukua pikipiki au tuktuk.

Je! Mdhamini wangu anaweza kulipa kwa niaba yangu ikiwa nitashindwa?

Ndio, inawezekana. Malipo yanaweza kufanywa na mtu yeyote kwa niaba yako mradi tu wakati wa kufanya malipo anayelipa atahakikisha kuwa malipo yamefanywa kwa akaunti yako ya mkopo.

Nini hufanyika Watu Credit ikichukua pikipiki au tuktuk yangu?

Baada ya kampuni ya Watu Credit kuichukua pikipiki au tuktuk yako, tutaendelea kushirikiana nawe kwa njia ya simu, ujumbe mfupi na / au kukutembelea ili kufanya jaribio la mwisho la kuanza tena malipo ya mkopo. Utakuwa na kipindi cha neema cha ziada na cha mwisho cha siku 7 za kalenda ya kumaliza kulipa malipo ambayo hayakulipwa hapo awali.

Je! Kuchukuliwa kwa pikipiki au Tuk tuk inamaanisha kuwa nimeipoteza?

Hapana, ikiwa utalipa malipo ambayo ulikosa kufanya kwa wakati kati ya kipindi cha siku siku saba (7) za neema, kampuni ya Watu Credit itakurudishia pikipiki au tuktuk, hata hivyo, utalipishwa shilingi 5,000 kama ada ya kuichukua gari ambayo itaongezwa kwa akaunti yako ya mkopo.

Ni nini hufanyika mara kipindi cha neema cha siku saba (7) kinapokwisha?

Ikiwa hakuna malipo yatakayofanywa au ahadi zilizokubaliwa hapo awali kutimizwa, mkopo wako utaghairishwa, na pikipiki au tuktuk kuuzwa. Itauzwa kwa thamani ya soko. Tafadhali kumbuka kuwa bei ya kuuza inaweza kuwa chini ya bei ya ununuzi kwani pikipiki au tuktuk hupoteza thamani yake kwa muda.

Ikiwa pikipiki au tuktuk itauzwa, je! Nitarudishiwa pesa zote ambazo nililipa hapo awali?

Ikiwa mapato ya mauzo yanazidi kiwango unachodaiwa kwenye mkopo wakati wa uuzaji: utalipwa tofauti kati ya mapato ya uuzaji na kiwango kilichobaki kwenye mkopo. Ikiwa mapato ya uuzaji wa pikipiki au tuktuk ni chini ya kiwango kinachodaiwa kwenye mkopo- kampuni ya Watu Credit inaweza kuchagua kukushtaki au kuwalazimu wadhamini wako kulipia tofauti iliyosalia.

Je! Ninaweza kupata habari kuhusu mkopo wangu mkondoni?

Ndio, bonyeza *876# na ufuate maelekezo. (Tafadhali kumbuka kuwa viwango vya malipo vya SMS / simu vitatozwa na mtoa huduma wako). Unaweza kupata habari kuhusu hali ya akaunti yako ya mkopo wakati wowote, mchana au usiku. Huduma hii inapatikana kupitia nambari ya simu iliyosajiliwa katika mfumo wetu wakati wa maombi ya mkopo. Kumbuka kutembelea ofisi zetu ili kusajili nambari yako mpya ya simu iwapo utabadilisha.

Nifanyeje ikiwa nahitaji habari zaidi au usaidizi kuhusu mkopo wangu?

Unaweza kutembelea ofisi zetu, maafisa wetu wa huduma kwa wateja watafurahi kukusaidia ikiwa una maswali yoyote. Pia, usisite kutufikia kwa njia ya simu ukitumia 0790 000 999 (viwango vya kawaida vya malipo ya simu vinatumika), barua pepe – [email protected]

Tafadhali kumbuka kuwa karatasi hii ya habari ni muhtasari wa sheria na masharti ya jumla yanayotumika kwa mikopo inayotolewa na kampuni ya Watu Credit. Hata hivyo, lazima ufuate masharti ya makubaliano ya mkopo na makubaliano mengine utakayoingia na kampuni ya Watu Credit kwani mikataba hiyo ina masharti makuu yanayosimamia mkopo.