An NMB Bank loan package for operators of bodaboda and bajaj has paved the way for ensuring safety of passengers and riders. Speaking to The Citizen last Wednesday, the bank’s loan officer, Ms Donatila Wapalila, said the new loan package for two-wheeled and three-wheeled motorcycles had incorporated comprehensive and life insurance packages for ensuring road safety.
“We are providing loans of Sh5.6 million for bajaj and Sh2 million and above for various brands of bodaboda. The loan applicant is required to pay an initial amount of 30 per cent of the loan package and on top of that has to pay insurance premium of 8.5 per cent for comprehensive and 0.75 per for life insurance,” said Ms Wapalila at the NMB pavilion during the Dar es Salaam International Trade Fair.
NMB public relations officer Doris Kilale explained that basic requirements for a loan applicant are an application letter, two copies of TIN certificates, a driving licence for bodaboda or bajaj, a national identity card or a voter identity card, a letter of introduction from local council leader, four passport size photos of the witness and a proforma invoice for the purchase of the item.
“Once an applicant accomplishes all the necessary conditions, the loan is remitted to the applicant’s account within 24 hours. Provision of our loan services is not bureaucratic,” said Ms Kilale.
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