In most cases, as Kenyans, we find ourselves in situations that require money immediately. In such times, any source of funds is acceptable. Today, obtaining credit has become much more comfortable owing to the rise of mobile loans. These are loans that you get through your phone that is Mpesa. Such as an example is the Eazzy loan from Equity Bank Limited. If you have always questioned how to access the Eazzy credit, read on and know all about this Eazzy loan application process.
The main benefit of the Eazzy loan is that it is deposited directly to your phone. This implies that to access this loan, you are not required to go and queue at Equity bank. Besides, if you have a good credit history with Equity bank, your Eazzy loan limit might be quite high. Other circumstances such as your banking activity can also increase your chances of getting an even higher amount of cash in the form of the Equitel Eazzy loan.
Eligibility for the Equitel Eazzy loan
So, can anyone apply for the Eazzy loan? This is a question that remains in the minds of some Kenyans. Well, any Kenyan becomes eligible to apply for the Equitel Eazzy loan if they have an active bank account with Equity Bank Limited. The term active in this case implies that you must have transacted through your equity account over the past six months when applying for the loan.
Another condition that should be fulfiled before applying for the Eazzy loan has an Equitel SIM card on your mobile phone. You can acquire an Equitel SIM card from any Equity Bank branch near you or even from Equity agents across Kenya.
How to apply for an Eazzy loan
The following is the step by step procedure on how to apply for an Eazzy loan via your Equitel line:
- Open your Equitel menu on your phone
- Go to my money
- Click loans
- Open get loan
- Select Eazzy loan
- Select account
- Enter the amount you would like to borrow
- Confirm the details
- Enter your pin
- Submit your application
One may notice that when you open the ‘get the loan’ option, you will then see ‘loan type’. This is since apart from the Equity bank Eazzy loan, there is further the option of the Eazzy plus loan. It is essential to note that there is a difference between the Eazzy loan and Eazzy plus loan. The main difference is that for the Eazzy loan, you can obtain any amount between Ksh100 and Ksh200,000 Kenya shillings, while for the Eazzy plus loan, you can acquire up to 3,000,000 Kenya shillings.
Next big difference between these two types of loans also reveals itself in the form of loan repayment period. While the Equitel Eazzy plus loan repayment term is up to twelve months, the equity Eazzy loan repayment term is thirty days.
Another thing of interest when applying for these loans is the loan limit. If you would like to check your limit for either the Eazzy loan or the easy plus loan, follow these steps.
- Open the Equitel menu on your phone
- Go to my money
- Click Eazzy loan or Eazzy plus loan depending on the amount you want
- Select loan limit
- Key in your pin
The Interest rates charged for the Eazzy loan
Eazzy loan interest rates range within 2% and 10% per month. More specifically, Equity bank prices 1% loan appraisal fee and an additional 10% on the evaluation fee, as a government tax. This implies that if you borrow 2,000 Kenya shillings:
- The loan appraisal fee charged by Equity Bank = 1% of Ks. 2,000 which is equal to Kshs. 20.
- The Kenyan government’s tax = 10% of the appraisal fee (Ks. 20) = Kshs. 2
- This implies that the total charges are Ks. 22 beside a monthly interest rate of 1.16% (A reducing balance).
Terms and conditions for the Equitel Eazzy loan
Just like any other kind of loan or service, the Eazzy loan is given under some terms and conditions. The Terms and conditions are fundamental for any business because they prevent abuses, they set the governing laws for services provided, and since they allow a service provider to cancel a service or in this case close a client’s account if need be. The following are Equitel Eazzy loan terms and conditions:
An equity bank account holder in Kenya who applies for the Eazzy loan is considered to have understood, read through, as well as agreed to be secured by these terms and conditions as provided in the process of applying for the Eazzy loan.
The person who is applying for the Equity Eazzy loan confirms that they have recognised the interest rates and other extra charges levied by the bank upon the application and repayment of the Eazzy loan.
This person also agrees in totality that the defeat to return the Eazzy loan on the due date should follow in the loan being rolled over as a new Eazzy loan on similar provisions and terms which it was given. This kind of rollover should endure until this person repays the total sum due under the Eazzy loan as well as subsequent rollovers.
These terms and conditions all apply to the Equity bank Eazzy loan besides the terms and conditions that have been set for managing a bank account with Equity Bank.
How to repay the Eazzy loan
The good news with the Eazzy loans is that you can instantly repay them via your mobile phone. If you have Safaricom Mpesa on your phone, it gets even more comfortable because you can repay this loan via this service. Listed below are steps on how to pay equity Eazzy loan via Mpesa and equity line.
How to repay Eazzy Loan using Equitel Money
- Handling your Equitel Line go to My money
- Select Eazzy Loan
- Select pay Loan
- Choose Partial Payment or Full Payment
- Select Account
- Choose the amount you want
- Confirm your details
- enter pin.
How to repay your Eazzy Loan or Eazzy Loan Plus using Mpesa
- Select the Mpesa menu on your phone
- Go to the Lipa na Mpesa option
- Select Paybill
- Enter the business number as 247427
- Enter your loan account number in the account number option
- Enter the amount you wish to repay
- Enter your Mpesa pin
- Confirm this transaction
Eazzy Loan Contacts
Located Upper Hill – Hospital Road, Equity Centre, 9th floor,
Physical Address :
P.O.Box 75104-00200, Nairobi.
Contact Centre Email:email@example.com
So The bottom line is that Eazzy loan application is quite a natural process. This is majorly because it is something that you can do on your phone promptly and conveniently. Also, judging by the interest rates and other charges levied on the Eazzy loan, it is evident that Eazzy loans are quite affordable. Go ahead and get that loan.For Verified Information and News, look for EXPOSEKE.com, hit the bell button to subscribe for updates, to reach our support team, contact us here