Motocycle Loan


Product Description

Fully secured loan granted to cooperatives, motorcyclist belong in cooperatives for personnel transport.


Features
  • Repayment depends on the business cycle (monthly, weekly).
  • Interest rate is 24% flat.
  • Repayment term up to 18 months.
  • 20% of customer contribution.
  • Facility amount limited to need funds for immediate acquisition of the motorcycle.
  • Payment made directly to supplier who ensures registration of the document in cooperative member’s names.
  • No RDB security registration for facility ≤Rwf 1million while facility approval will be as per current lending policy.

Benefits
  • Repayable up to 18 months.
  • Attractive interest rate.
  • Flexibility of weekly repayment.
  • In 14days.
  • Stop driving for others own your motorcycle.

Requirements
  • Application letter.
  • Customer needs statement.
  • Company Registration Certificate/ID copy of the applicant and his guarantor.
  • Driving license A issued by Government of Rwanda.
  • Legal status certificate.
  • RRA Tax Clearance Certificate of the cooperative.
  • Valuation report of the collateral of 100% of forced value (done by a valuer who has a partnership with UNGUKA Bank Ltd).
  • Collateral title documents.
  • Act of lending property if the collateral doesn’t belong to the borrower.
  • Life insurance is mandatory.
  • Motorcycle insurance.
  • Proforma invoice or Provision sales agreement.
  • Notified Board resolution for companies.