Etfash: Hello,
I will suggest you don't take the loan!
Have you done transportation business before? If yes how recent? The truth is, it is not advisable to borrow money to start such businesses. Some people will put you in more problems, eventually you will be servicing the loan and be fixing the vehicle.

My options:
If you earn #200k monthly, can you draw up a plan to accumulate 500k over a 6 months period? IT IS POSSIBLE, EVEN IF YOU ARE MARRIED BECAUSE IF YOU SHOULD LOSE THAT JOB TODAY, YOU AND YOUR HOUSEHOLD WOULD STILL SURVIVE! This is because from what you have said, each vanagon will cost you 700k, you already have 400k. Start with one vehicle and your own money, see how the business goes, learn very well from it and then grow from there.
If you heed my advice, i assure you in 2 years, you will not be in that employment again because the few lines above, hard work and God's hand with you would have changed your story.
Regards.

Debeloved87: If you are collectin 200k,i dnt tink u nid to borrow to enter into bizness,just be patient and save up; but if u want to collect the loan i hop the company wil be kind enough to retain you til ur loan is completely offset.....hweva i wish u all the best

Etfash: Hello,
I will suggest you don't take the loan!
Have you done transportation business before? If yes how recent? The truth is, it is not advisable to borrow money to start such businesses. Some people will put you in more problems, eventually you will be servicing the loan and be fixing the vehicle.

My options:
If you earn #200k monthly, can you draw up a plan to accumulate 500k over a 6 months period? IT IS POSSIBLE, EVEN IF YOU ARE MARRIED BECAUSE IF YOU SHOULD LOSE THAT JOB TODAY, YOU AND YOUR HOUSEHOLD WOULD STILL SURVIVE! This is because from what you have said, each vanagon will cost you 700k, you already have 400k. Start with one vehicle and your own money, see how the business goes, learn very well from it and then grow from there.
If you heed my advice, i assure you in 2 years, you will not be in that employment again because the few lines above, hard work and God's hand with you would have changed your story.

Please can you help draw up the plan? 500k in 6months and even if hes married?

so what happens to

Tithe
Income tax
Pension
Transport
Feeding
Generator fuel
Phcn
Dstv
And other sundry expenses? abi na waka tinz to work ontop rag day everyday

I lol
Regards.

Etfash: Hello,
I will suggest you don't take the loan!
Have you done transportation business before? If yes how recent? The truth is, it is not advisable to borrow money to start such businesses. Some people will put you in more problems, eventually you will be servicing the loan and be fixing the vehicle.

My options:
If you earn #200k monthly, can you draw up a plan to accumulate 500k over a 6 months period? IT IS POSSIBLE, EVEN IF YOU ARE MARRIED BECAUSE IF YOU SHOULD LOSE THAT JOB TODAY, YOU AND YOUR HOUSEHOLD WOULD STILL SURVIVE! This is because from what you have said, each vanagon will cost you 700k, you already have 400k. Start with one vehicle and your own money, see how the business goes, learn very well from it and then grow from there.
If you heed my advice, i assure you in 2 years, you will not be in that employment again because the few lines above, hard work and God's hand with you would have changed your story.
Regards.

thehunted:

thanks for your reply. Actually the driver takes the car and is responsible for the servicing,repairs and co. After giving me the 2m ,it becomes his. so I dont need to spend on servicing the buses.

thehunted: hi nairalanders,
pls i need your advice . Last week access bank offered to give my office 20m as loan. Each staff can borrow 1m and return the sum of 1.44m in 2 years time. My office will offset the loan every month.

Now i know that it is risky borrowing from the bank but i intend to use it for a profitable business. I earn 200k monthly (gross) with no other allowances. Now to the business i want to use it for:

if i get 1m from the bank,i will add my own 400k to make it 1.4m. 1.4m can get me 2 volkswagen vanagon buses for transportation business. And these two buses can fetch me 2m each. That is,i can give one out to whoever will pay me 2m each over a duration of 50 weeks( 40k per week). The driver takes care of repairs and servicing. In summary, I am collecting a loan of 1m and will payback 1.44m in 2 years time. And my return on the business i want to use it for is 4m in 1 year.

Do you guys think i should go ahead to collect this loan? My office will serve as guarantor.

thehunted: hi nairalanders,
pls i need your advice . Last week access bank offered to give my office 20m as loan. Each staff can borrow 1m and return the sum of 1.44m in 2 years time. My office will offset the loan every month.

Now i know that it is risky borrowing from the bank but i intend to use it for a profitable business. I earn 200k monthly (gross) with no other allowances. Now to the business i want to use it for:

if i get 1m from the bank,i will add my own 400k to make it 1.4m. 1.4m can get me 2 volkswagen vanagon buses for transportation business. And these two buses can fetch me 2m each. That is,i can give one out to whoever will pay me 2m each over a duration of 50 weeks( 40k per week). The driver takes care of repairs and servicing. In summary, I am collecting a loan of 1m and will payback 1.44m in 2 years time. And my return on the business i want to use it for is 4m in 1 year.

Do you guys think i should go ahead to collect this loan? My office will serve as guarantor.