Eazzy loan, also known as Equity Instalment loan, is a product of Equity Bank Kenya Ltd. It is an instant mobile loan providing up to two hundred thousand Kenya shillings. Eazzy loan is ideal for emergencies. If you have an urgent financial need, you should know if you qualify for an Eazzy loan from Equity Bank.
This article explains everything you need to know about Eazzy loan from Equity bank.
Eazzy Loan From Equity Bank– A Brief Description
Eazzy Loan is a popular credit facility by Equity Bank. It has been around since 2015. As Eazzy loan is a digital product, borrowers neither fill out blank forms nor provide loan guarantors. The first requirement is to have an active Equitel SIM card or Equity Bank account for at least six months.
Access to credit is fast if you meet this qualification. Also, the application procedure is quick, private, and secure. Borrowers who qualify for an Eazzy loan could borrow up to Ksh.200,000 and repay the amount in 30 days back.
Everything You Need to Know About Eazzy Loan
Before you take out your first Eazzy loan from Equity Bank, read the following:
Equity Bank can give you up to 200,000 Kenya shillings if you qualify for this limit. To determine your eligibility for an Eazzy Loan, Equity Bank uses complex algorithms and specific data about you. The data that helps the bank establish your creditworthiness includes:
How frequently you deposit and withdraw cash in your Equity Bank account or Equitel Line matters when checking if you qualify for an Eazzy loan. Those who channel most of their incomes into their Equity Bank accounts have higher odds of getting Eazzy loans.
Credit history, including your other outstanding loans and reputation with the CRB, is significant when assessing your eligibility for an Eazzy loan. If your name appears on CRB lists, Equity Bank Kenya will term you as a poor credit borrower.
Meanwhile, try to clear your loans with other lenders and take the necessary steps to remove your name from CRB. Additionally, repay your current loans on time to show Equity Bank that you are a punctual borrower.
The bank will set your loan limit partly based on the data it has about your punctuality with loan repayments. Constant late repayments will attract a lower loan limit and vice-versa.
How to Borrow Your First Eazzy Loan on the Smartphone
Here are simple steps to take when applying for your first Eazzy Loan:
- On your smartphone, tap the “SIM Toolkit”
- Select the “Equitel”
- Choose “My Money’ from the “Equitel Menu.”
- Tap “Loans.”
- Press “Get Loan.”
- Choose the “Loan Type” you want to borrow.
- Select an “Account” to deposit the loaned money.
- Type the “Amount” you wish to borrow.
- Confirm your details and enter your “PIN.”
- Tap “Submit” and wait for Equity Bank to send you a confirmation SMS.
Note: If you have a feature phone, dial *247# to apply for an Eazzy loan.
How to Pay Off Your Eazzy Loan
Equity Bank provides two ways to repay your Eazzy Loan. These include:
To repay your Eazzy Loan using Equitel Line, do these steps:
- Tap the “Equitel SIM toolkit” icon and move to the “Equitel Menu.”
- Choose “Eazzy Loan.”
- Touch “Pay Loan.”
- Select a “Partial Payment” or “Full Payment.”
- Choose the “Account” from which to source the money.
- Enter the “Amount” to repay.
- Check that the details are correct and enter your “PIN.”
If you want to repay from your M-PESA wallet, do the following steps:
- Tap the “SIM Toolkit” on your smartphone.
- Touch “M-PESA” to view a menu.
- Select “Lipa na M-PESA.”
- Tap “Pay Bill.”
- Enter “247247” (Equity Pay Bill Number).
- Touch “Account no.” and enter your Equity Bank account number.
- Type the “Amount” you will repay.
- Enter your “M-PESA PIN.”
- Confirm your details and tap “Submit.”
- Wait for confirmation texts from “M-PESA” and “Equity Bank.”
How to Know Your Eazzy Loan Limit
Another thing on everything you need to know about Eazzy Loan is that Equity Bank can increase or decrease your Loan limit. Before borrowing a new loan, check your current limit to know how much to take out:
- Access your “Equitel Menu” on the phone by touching the “Equitel SIM toolkit.”
- Tap “My Money.”
- Touch “Loans.”
- Choose “Eazzy Loan.”
- Tap “Loan Limit” to see how much money you can borrow.
How can I get an installment loan from Equity Bank?
Write a business proposal describing how you will invest your money. Go to Equity Bank Kenya with your ID and present your case. A credit officer will assist.
How can you qualify for Eazzy Loans?
If you check our guide on everything you need to know about Eazzy loan, you will notice the top requirements. Ensure you have used an Equitel Line or Equity Bank account for six months or more. Then, deposit money from all income sources in your equity account. Lastly, bring your national ID.
What is the cost of borrowing Eazzy loans?
Your loan fees will depend on the loan amount. However, the minimum and maximum interest charges are 11% and 13% respectively. Additionally, you will pay a 20% excise duty fee, a 5% processing fee, and a 1% to 2% insurance fee.