How to Apply For Equity Bank Loans

It is therefore pertinent to remind citizens of Kenya that it is normal for someone to borrow. They can borrow to engage in any business or farming activities to boost their incomes and the economy of the state. Equity bank loans are a great deal for your adventure when you need cash.

We have so many challenges with a lot of things. We just have to take loans to do roads, solve personal needs and build whatever business we care to build.

About Equity Bank Loans

Equity Bank was established in 1984 and has grown aggressively to become the largest bank in the region in terms of customer base. Equity’s goal is to empower and elevate grassroots communities throughout Africa.

5 Ways to Qualify For an Equity Loan?

There are a few minimum requirements to qualify for a home equity loan:

1. A good credit score
2. A maximum loan-to-value ratio (LTV) of 80 percent
3. A debt-to-income ratio
4. A documented ability to repay your loan.
5. Equity Account number

8 Steps on how to Apply For a Loan From Equity Bank Kenya?

Follow these steps to get a loan or an equity loan from Equity Bank Kenya:

1. Go to the Equitel menu.
2. Select My Money.
3. Choose Loans.
4. Tap Get Loan.
5. Provide the Loan Type.
6. Input the Account.
7. Confirm Details.
8. Enter PIN.

About Equitel Line or the EazzyApp

In case you do not have an account, you can open one instantly by dialing *247# using your current number. Then collect your Equitel line from any Equity Bank branch, or select Equity Agents.

8 Equity Bank Loan Products

Here are the products offered by Equity bank Kenya:

1. Business loans
2. Personal loans
3. Equity loan
4. Equiloan
5. Salary advance
6. Asset finance
7. Eazzy loan
8. Micro business loans

Business Loan

With the interest rate at 36%, you would borrow funds for your working capital and other business needs.

Benefits

1. No hidden charges and affordable interest rate
2. Flexible repayment terms and security requirements
3. Fast processing and disbursement
4. The amount of a loan depends on an individual’s ability to pay back the loan.

Personal Loans

Educational loans and medical loans are like these. They contain affordable interest rates or payments at 34%, and there are no other hidden charges.

Features:

1. These types of loans are available to all active account holders
2. Have easy and quick disbursement and processing, and
3. Flexible security requirements and repayment terms.

Equity Loans (Borrow From Equity)

If you need to acquire an asset or invest in a business, equity bank loan packages are tailored to meet your requirements. They are quick, flexible and accommodating.

Equiloan

Equiloan is tailored to the salaried person who hopes to finance development projects or acquisition of assets. It is extended to clients whose employers have signed an MOU with Equity.

Features:

1. They grant the benefit to customers whose employers have an agreement with Equity Bank on the check-off arrangement.
2. A customer’s ability to pay determines the maximum amount lent.
3. It has a maximum repayment period of 72 months.

Salary Advance

Salary Advance is a short-term loan banks provide to salaried customers based on their financial status. This help them with emergency needs. Repayment period of this loan is up to 12 months.

Features:

1. The bank advances a loan of up to KSh300,000, subject to the customer/account holder’s profile.
2. This loan is available for up to 12 months.

What to sign up:

1. By remitting at least three months’ salary to your Equity account, be an active shareholder.
2. Your employer needs to confirm your employment by submitting an Introduction Letter.

Asset Finance

They lend to customers who want to start business or buy personal assets like motor vehicles, machinery, and equipment.

Features:

1. The loan amount is based on the customer’s ability to pay.
2. There is a loan period of up to 60 months (5 years) for used vehicles and up to 120 months (10 years) for brand new vehicles.
3. Up to 100% financing.

What you require signing up:

1. Three original latest payslips
2. 2 Copies of the ID & PIN certificate
3. An Introduction/Appointment/Confirmation letter from the employer

4. Duly signed authorization forms
5. Duly completed loan application and appraisal form
6. Pro forma Invoice / Sale Agreement
7. Valuation Report
8. Original Log Book

Eazzy Loan

Get up to KSh 3,000,000, instantly on your mobile via the EazzyApp or on your Equitel line, where you can monitor your loan balance and make repayments.

Features:

1. Loan amounts range between KSh 1,000 and KSh 3,000,000
2. We offer loans for both one-month and multiple-month installment payments.
3. Funds from the facility are instantly available in your account

What you require signing up

1. To qualify for this loan, you must have an active Equity bank account for the previous 6 months.

Development Loans

The purpose of this loan is to aid small businesses in expanding their businesses and in acquiring assets.

What you require signing up:

1. You need to be an active account holder with Equity Bank.
2. Submit your loan request for working capital and operational needs of your business.
3. Submit your loan application within a reasonable time.
4. Show the availability of other sources of income that could be used to repay the loan.

Micro Business Loans

Youth are the major consumers for this product. By giving them access to the tools and materials they need to start and grow businesses, it seeks to empower them.

How to Get in Touch With Equity Bank Loan

Contact them through their mobile on +254 763000. You can also speak up through emailing them via infor@equitybank.co.ke

Conclusion

Early in the pandemic, many lenders like Equity bank filled the gap left by the government by providing loans to the people.

Equity bank is here to serve you better and has many options you can tap from. Tap from the information and enjoy the benefits that comes with this loan platform.