Requirements for
accessing Equitel Eazzy Loan
- To access the Eazzy Loan, you first must
have an Equitel
line on your phone. With it, Equity Bank account holders can
carry out all their mobile banking and cash transfer transactions, with
the added benefit of communication. Equitel lines are available at all
Equity Bank branches and from all eligible Equity agents.
- You must have an active Equity Bank
account for at least 6 months.
- You must be 18+ years with a valid
passport or ID card, which is necessary for the line registration. For
foreigners, a passport and a valid working permit will suffice.
Applying for the Eazzy
Loan
- Once you have purchased and registered
your Equitel line, go to the sim card tool kit.
- Choose ‘My money’ option.
- Choose ‘Loans’ then ‘Get loan’.
- Now select the ‘Eazzy loan’ option.
- Select ‘Account’ then enter the amount of
money you would like to borrow.
- Confirm that all the details provided are
correct before submitting the application.
Please Note
When you choose the
‘Get loan’ option, you will notice that there are two choices available i.e.
Eazzy Loan and Eazzy Plus Loan. The two loans are different in the following
ways:
- Eazzy Loan offers loan amounts between
Ksh. 100 and Ksh. 200,000, while Eazzy Plus Loan has the maximum limit of
Ksh. 3,000,000.
- Eazzy Loan has a shorter payment period at
30 days, while the Eazzy Plus Loan has an extension of up to 12 months.
Eazzy Loan Interest
Rates
Eazzy Loan interest
rates range from 2% to 10% per month. The standard interest rate Equity charges
is 1% of the total loan amount. This is the appraisal fee. However, the
government charges an additional 10% of this appraisal fee as tax. Therefore,
if you borrow Ksh. 1,000, Equity will charge you 1% interest i.e (Ksh 10), and
the government will charge 10% of the appraisal fee i.e (Ksh 1). Thus, your
total repayment amount will be Ksh. 1,000 + Ksh 10 + Ksh 1 = Ksh. 1,011.
How to repay the Eazzy
Loan.
- Go to your Equitel sim card tool kit.
- Choose ‘Eazzy Loan.’
- Select ‘Pay loan.’
- Depending on the amount of money you have
available, choose ‘Partial Payment’ or ‘Full Payment.’
- Select account.
- Enter the amount of money you want to
repay.
- Confirm the details and then enter your
pin to complete the transaction.
You can also repay the
loan via your MPESA.
- Go to your Safaricom tool kit and go to
‘Lipa na Mpesa.’
- Choose the pay bill option.
- For the business number enter 247247.
- For the account number enter your Equity
account number.
- Enter the amount of money you wish to
repay.
- Enter your Mpesa pin.
- Confirm the details, before submitting the
application.